Federal Agencies Ban Overseas Tax Haven Contractors

Law360, New York (May 10, 2012, 4:47 PM EDT) -- A trio of federal agencies on Thursday issued an interim rule preventing the award of government contracts to any businesses that used to be incorporated in the United States, but are now located overseas to avoid U.S. taxes.

Under the rule, issued by the U.S. Department of Defense, General Services Administration and National Aeronautics and Space Administration, inverted domestic corporations and their subsidiaries would be ineligible to receive any contracts using appropriated funds for fiscal year 2012.

The governmentwide restrictions were also in place for 2008...
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