Legislative update - Senate Finance chair preparing anti-inversion legislation 

May 8:  Senate Finance Committee Chairman Ron Wyden (D-OR) today told reporters that he is working with Senate Permanent Investigations Subcommittee Chairman Carl Levin (D-MI) on legislation to address corporate inversions—transactions in which U.S. companies change tax residency outside the United States.

Sen. Wyden provided no details, but his statement comes after reports of U.S. companies considering acquisitions that would result in a change of residency.

Using a football metaphor, Sen. Wyden said he intends by his legislation to “freeze the linebackers.”

There has been no indication of the timing of the release of a proposal, but it is expected quite soon.

Sen. Levin previously introduced legislation addressing corporate residency and related issues of international taxation. Read TaxNewsFlash-United States.

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