Bill > HR8268

This bill, the Stop Corporate Inversions Act of 2024, amends the Internal Revenue Code to modify the rules relating to inverted corporations. It defines an "inverted domestic corporation" as a foreign corporation that acquires substantially all the properties or assets of a U.S. corporation or partnership, and after the acquisition, either over 50% of the stock is owned by former shareholders/partners of the U.S. entity, or the management and control of the expanded affiliated group occurs primarily within the U.S. and the group has significant domestic business activities. The bill provides exceptions for corporations with substantial business activities in their country of organization. It also requires the Secretary of the Treasury to issue regulations for determining when the management and control of an expanded affiliated group is treated as occurring primarily within the U.S. The amendments made by this bill apply to taxable years ending after May 8, 2014.