Bill
Bill > S1514
NJ S1514
Prohibits award of State contracts and development subsidies to inverted domestic corporations.
summary
Introduced
02/05/2018
02/05/2018
In Committee
02/05/2018
02/05/2018
Crossed Over
Passed
Dead
01/08/2020
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)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2018/Bills/S2000/1514_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/S2000/1514_I1.PDF |
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