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House panel approves legislation ending offshore export tax breaks

SHARE House panel approves legislation ending offshore export tax breaks

WASHINGTON (AP) — Seeking to avoid a U.S.-European trade war, the House's tax-writing panel overwhelmingly approved legislation that would end tax breaks totaling $4.1 billion a year used by 6,000 U.S. companies that set up export subsidiaries in tax havens such as Barbados. The measure that cleared the Ways and Means Committee would create new tax breaks applied equally to exports by American companies and products they manufacture abroad. The Clinton administration supports the legislation.