Search Results: keywords:"substantial business activities"

  • H. R. 8727 — To prohibit the award of Federal Government contracts to inverted domestic corporations, and for other purposes.
    💰
    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. 4547 — To prohibit the award of Federal Government contracts to inverted domestic corporations, and for other purposes.
    💰
    Status:Introduced in Senate
    Words:3,467

    S. 4547 aims to ban the U.S. federal government from awarding contracts to "inverted domestic corporations," which are companies that move their headquarters overseas while maintaining control in the U.S. These restrictions apply to both civilian and defense contracts, and...

    Simple Explanation

    S. 4547 is a rule that stops the U.S. government from giving money to companies that pretend they're from another country but still mainly work in America, unless there's a really good reason like national security.

  • H. R. 8268 — To amend the Internal Revenue Code of 1986 to modify the rules relating to inverted corporations.
    Status:Introduced in House
    Words:1,332

    H.R. 8268, known as the “Stop Corporate Inversions Act of 2024,” aims to change how the U.S. tax code treats certain foreign corporations. It proposes that if a foreign corporation acquires a significant portion of a U.S. company's assets and meets specific conditions, it would be treated as...

    Simple Explanation

    The bill wants to make sure that if a company from another country buys a big part of an American company and does a lot of business in the U.S., it has to pay U.S. taxes just like an American company, to stop companies from avoiding paying taxes.

  • 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.