NJ Bills Would Bar State Contracts Over Inversion Deals
Law360, New York (September 16, 2014, 6:06 PM EDT) -- Joining a slew of federal proposals to crack down on corporate inversions, two New Jersey bills formally introduced on Monday would ban the award of state contracts to American companies that reincorporate abroad to avoid U.S. tax obligations.
Separate measures in the state Assembly and state Senate would leave inverted domestic corporations ineligible to receive state contracts or subcontracts for goods, services or construction projects.
Assemblyman Troy Singleton, D-Burlington, one of the sponsors of A3624, on Tuesday noted a national discussion over “companies walking away from America just to boost their bottom line” and added that “entities seeking to do that...
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