New Jersey S273 prohibits state contracts and development subsidies to inverted domestic corporations.

New Jersey S273 prohibits awarding state contracts or development subsidies to inverted domestic corporations. These corporations are defined by the Internal Revenue Service under federal law. The bill mandates that any corporation receiving a development subsidy must annually attest to its legal status. If a recipient corporation becomes an inverted domestic corporation during the subsidy term, it must repay the subsidy's total value. The bill also outlines specific application requirements for development subsidies, including details about employment and project sites.

New Jersey S273 prohibits state contracts and development subsidies to inverted domestic corporations.

New Jersey S273 prohibits awarding state contracts or development subsidies to inverted domestic corporations. These corporations are defined by the Internal Revenue Service under federal law. The bill mandates that any corporation receiving a development subsidy must annually attest to its legal status. If a recipient corporation becomes an inverted domestic corporation during the subsidy term, it must repay the subsidy's total value. The bill also outlines specific application requirements for development subsidies, including details about employment and project sites.