Bill > S1513

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 pursuant to 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 it requires recipient corporations to submit an annual standing certificate attesting to their legal status. If a recipient corporation becomes an inverted domestic corporation during the term of a development subsidy, the recipient corporation must pay back the total value of the subsidy.

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