Durbin Bill Today Targets Corporate Inversions
From the Chicago Sun-Times
Sen. Dick Durbin said he and other Democrats today will unveil a bill to curb corporate tax dodging.
No federal contracts would go to businesses that engage in corporate “inversions” to lower their tax bills, the Illinois Democrat said.
The measure is called the “No Federal Contracts for Corporate Deserters Act.”
Durbin will appear at a press conference in Washington at 9:15 a.m. Chicago time to talk about the bill.
The bill would mean no federal contacts would go to businesses that incorporate overseas, are at least 50 percent owned by U.S. shareholders and do not have substantial business opportunities in the foreign country in which they are incorporating.
The law now defines a company as being “inverted” if it is at least 80 percent owned by U.S. shareholders after it reincorporates overseas, according to Durbin.
Drug maker AbbVie and Walgreens are among the most recent corporations to announce they are “moving their mailbox overseas to avoid paying their fair share of taxes,” a statement from Durbin and the other Democrats said.
Read more in our daily News Update...
From the Chicago Sun-Times
Sen. Dick Durbin said he and other Democrats today will unveil a bill to curb corporate tax dodging.
No federal contracts would go to businesses that engage in corporate “inversions” to lower their tax bills, the Illinois Democrat said.
The measure is called the “No Federal Contracts for Corporate Deserters Act.”
Durbin will appear at a press conference in Washington at 9:15 a.m. Chicago time to talk about the bill.
The bill would mean no federal contacts would go to businesses that incorporate overseas, are at least 50 percent owned by U.S. shareholders and do not have substantial business opportunities in the foreign country in which they are incorporating.
The law now defines a company as being “inverted” if it is at least 80 percent owned by U.S. shareholders after it reincorporates overseas, according to Durbin.
Drug maker AbbVie and Walgreens are among the most recent corporations to announce they are “moving their mailbox overseas to avoid paying their fair share of taxes,” a statement from Durbin and the other Democrats said.
Read more in our daily News Update...