NUMBER OF THE WEEK: 20
The approximate number of U.S. corporations that have
moved their tax domiciles to lower-tax jurisdictions overseas in
the last two years following acquisitions of smaller, foreign
companies, according to an op-ed by Senate Finance Chairman Ron
Wyden (D-OR). These so-called "inversions" result in
significant tax burden reductions for U.S. corporations, and they
are receiving lots of attention lately as lawmakers focus on
erosion of the U.S. tax base. Many tax experts expect to see a
growing exodus of U.S. multinationals as congressional tax reform
efforts continue to stall.
LEGISLATIVE LANDSCAPE
House: Permanent R&D Credit Passes Despite Veto
Threat. The House voted 274-131 on Friday, May 9, to
approve H.R. 4438, which would renew, simplify and
make permanent the tax credit for research and development —
the most costly of all the expired business tax provisions known as
"extenders." The bill is projected to cost $156 billion
over the
