Bill > S1347

This bill prohibits the award of state contracts and development subsidies to "inverted domestic corporations," which are companies that have been determined to be inverted corporations by the Internal Revenue Service under section 7874 of the federal Internal Revenue Code. The bill requires applicants for state contracts and development subsidies to certify that they are not inverted domestic corporations, and recipients of development subsidies must submit annual standing certificates attesting to their legal status. If a recipient becomes an inverted domestic corporation during the term of the subsidy, they must pay back the full value of the subsidy.

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