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Federal Contracts and Corporate Accountability: Banning Corporate Tax Traitors from Federal Contracts

2002 H.R. 5010; 107 H.R. 5010

SYNOPSIS:
A bill making appropriations for the Department of Defense for the fiscal year ending September 30, 2003, and for other purposes

DATE OF INTRODUCTION: June 26, 2002

Sec. 8149. Corporate Expatriates. (a) Limitation. None of the funds made available in this Act may be obligated for payment on any new contract to a subsidiary of a publicly traded corporation if the corporation incorporated after December 31, 2001 in a tax haven country but the United States is the principal market for the public trading of the corporation's stock.

(b) Definition. For purposes of subsection (a), the term "tax haven country" means each of the following: Barbados, Bermuda, British Virgin Islands, Cayman Islands, Commonwealth of the Bahamas, Cyprus, Gibraltar, Isle of Man, the Principality of Liechtenstein, the Principality of Monaco, the Republic of the Seychelles, and any other country that the Secretary of the Treasury determines is used as a site of incorporation primarily for the purpose of avoiding United States taxation.

(c) Waiver. The President may waive subsection (a) with respect to any specific contract if the President certifies to the Appropriations Committees of the House of Representatives and the Senate that the waiver is required in the interest of national security.

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