New Jersey S2728 prohibits state contracts and development subsidies to inverted domestic corporations.
New Jersey S2728 prohibits the awarding of state contracts and development subsidies to inverted domestic corporations. The bill defines "inverted domestic corporation" as a company determined to be an inverted corporation by the Internal Revenue Service. The bill also requires corporations seeking state contracts or subsidies to certify they are not inverted domestic corporations. If a recipient corporation becomes an inverted domestic corporation during the term of a development subsidy, it must repay the total value of the subsidy.
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