Search Results: keywords:"significant domestic business activities"

  • H. R. 8727 — To prohibit the award of Federal Government contracts to inverted domestic corporations, and for other purposes.
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    Status:Introduced in House
    Words:3,479

    H.R. 8727, known as the “American Business for American Companies Act of 2024,” is a bill that seeks to prevent inverted domestic corporations from receiving U.S. government contracts. An inverted domestic corporation is defined as a foreign company that has acquired a U.S. company but still...

    Simple Explanation

    The bill wants to make sure that only companies truly based in the U.S. can get big government jobs, so it says no to companies that pretend to be American but are actually controlled from another country. There are some special rules for things like when it matters for safety or health, but those have to be shared with Congress, like telling on someone.

  • S. 4275 — To amend the Internal Revenue Code of 1986 to modify the rules relating to inverted corporations.
    Status:Introduced in Senate
    Words:1,347

    The bill S. 4275 aims to modify the Internal Revenue Code of 1986 to address the issue of "inverted corporations." An inverted corporation is a company that shifts its headquarters overseas to avoid paying U.S. taxes while still maintaining significant business operations in...

    Simple Explanation

    The bill S. 4275 wants to stop companies from pretending to be in another country just so they pay less in taxes while still doing a lot of work in the U.S. It says these companies should still be seen as American if they do a lot of work here or buy a lot of things from another U.S. company.