From the Wall Street Journal:
The Internal Revenue Service significantly relaxed the rules governing how U.S. corporations can repatriate cash parked overseas, in yet another government move to ease the credit crisis.The ruling, issued late Friday, allows companies to bring back money for months at a time without incurring the 35% corporate income tax they normally would owe.
More from the New York Times here.
From Bloomberg: U.S. Eases Tax Rule to Open Offshore Cash `Spigots’
See Notice 2008-91 for more info.