Introduced
by
To require the Department of Management and Budget to file annual reports with the legislature on the amount of goods and services purchased by the state from expatriated businesses, and the amount that are manufactured or provided by non-U.S. citizens. The bill defines an expatriated business as a corporation or affiliate that is incorporated in a “tax haven country” (these are listed in the bill), but has the United States as its principle place of business. In recent years some U.S. firms have incorporated in these countries because the U.S. taxes earnings from the foreign operations of U.S. firms, whereas most other developed nations do not tax the foreign operations earnings of their own firm.
Referred to the Committee on Government Operations
