© 2024 Blaze Media LLC. All rights reserved.
The new measures will take effect immediately.
WASHINGTON (AP) -- The Obama administration is cracking down on American companies that seek to reincorporate overseas to avoid paying U.S. taxes.
In a so-called "tax inversion," a U.S. business merges with or is acquired by a foreign company in a country with a lower tax rate
The Treasury Department says it's putting forward regulations that will make inversions less lucrative by barring some techniques companies use to defer their taxes. It's also making it harder for companies to pursue an inversion by tightening the requirement that the company's former owners own less than 80 percent of the new company.
Treasury Secretary Jacob Lew says the steps will ensure that it's no longer financially beneficial for companies to use that tactic.
The new measures will take effect immediately.
Want to leave a tip?
We answer to you. Help keep our content free of advertisers and big tech censorship by leaving a tip today.
Want to join the conversation?
Already a subscriber?
more stories
Sign up for the Blaze newsletter
By signing up, you agree to our Privacy Policy and Terms of Use, and agree to receive content that may sometimes include advertisements. You may opt out at any time.
© 2024 Blaze Media LLC. All rights reserved.
Get the stories that matter most delivered directly to your inbox.
By signing up, you agree to our Privacy Policy and Terms of Use, and agree to receive content that may sometimes include advertisements. You may opt out at any time.