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Bill > S1514


NJ S1514

Prohibits award of State contracts and development subsidies to inverted domestic corporations.


summary

Introduced
02/05/2018
In Committee
02/05/2018
Crossed Over
Passed
Dead
01/08/2020

Introduced Session

2018-2019 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." An inverted domestic corporation refers to a company that has been determined by the Internal Revenue Service to be an inverted corporation under section 7874 of the federal tax code. The bill also requires recipients of state development subsidies to submit an annual certificate attesting to their legal status, and mandates that a recipient must pay back the full value of the subsidy if it becomes an inverted domestic corporation during the term of the subsidy.

Committee Categories

Government Affairs

Sponsors (1)

Last Action

Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee (on 02/05/2018)

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