S 3120
107th Congress
Senate
Government Operations and Politics
Corporate collapse
Corporation taxes
Debarment of government contractors
Foreign corporations
Government contractors
International corporations
Presidential powers
Subsidiary corporations
Tax evasion
Tax havens
Tax shelters
Reclaiming Expatriated Contracts and Profits Act
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 16, 2002
Read twice and referred to the Committee on Governmental Affairs. (text of measure as introduced: CR S10577-10578)
Oct 16, 2002
Sponsor introductory remarks on measure. (CR S10576-10577)
Oct 16, 2002
Introduced in Senate
Plain-English summary
Reclaiming Expatriated Contracts and Profits Act - Prohibits awarding Federal contracts or subcontracts to foreign incorporated entities treated as inverted domestic corporations (a domestic corporation 80 percent of the stock of which is controlled by the former domestic stockholders or partners after the corporation is acquired by a foreign entity) and requires adjustments to Federal contract bids from certain previously acquired entities (a price increase for bids evaluated solely on price; a quantitative evaluation reduction for bids evaluated on two or more factors) for a specified period following such acquisition.
Authorizes: (1) a presidential waiver in the interest of national security; and (2) an exception to the application of this Act for entities that were not acquired to avoid Federal income taxation.
What's happening now
Read twice and referred to the Committee on Governmental Affairs. (text of measure as introduced: CR S10577-10578)
Committees of jurisdiction
1
Cosponsors
1