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Bill > S1322
NJ S1322
NJ S1322Prohibits award of State contracts and development subsidies to inverted domestic corporations.
summary
Introduced
02/03/2022
02/03/2022
In Committee
02/03/2022
02/03/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Prohibits award of State contracts and development subsidies to inverted domestic corporations.
AI Summary
This bill prohibits the award of state contracts and development subsidies to "inverted domestic corporations," which are defined as companies that have been determined to be inverted corporations by the Internal Revenue Service pursuant to section 7874 of the federal Internal Revenue Code. The bill requires recipients of state development subsidies to submit annual certificates attesting to their legal status, and if a recipient becomes an inverted domestic corporation during the subsidy term, they must pay back the full value of the subsidy. The bill includes exceptions if applying its provisions would violate federal law or prevent the state from receiving federal funds.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee (on 02/03/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S1322 |
| BillText | https://www.njleg.state.nj.us/Bills/2022/S1500/1322_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/S1500/1322_I1.PDF |
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