Several large U.S. companies signaled they will drop their opposition to Democratic proposals to end some tax breaks on overseas profits, in order to help advance a bill that would renew lapsed tax incentives including the research tax credit.

In a letter Monday to Senate leaders, 22 companies, including Bank of America Corp., American Express Co., General Electric Co. and Raytheon Co., threw their support behind a recent proposal from Sen. Max Baucus, a Montana Democrat, to extend the research tax credit and other tax breaks.

Those cost of these extensions would be offset in part by ending tax breaks on overseas income, raising $11.5 billion.

Also signing the letter were aerospace and manufacturing firms that depend on the research tax credit, and financial services firms that are keen for renewal of a separate tax break, also expired, on overseas financing income.

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