Foreign subsidiaries of banks would get a tax break under a bill recently offered in the Senate.

Sens. Orrin G. Hatch, R-Utah, and Max S. Baucus, D-Mont., have introduced a bill that would not tax profits from the foreign units of banks and other financial services firms until the earnings are repatriated. The measure is expected to save financial firms as much as $100 million a year.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.