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ARTICLE · 04 SEPTEMBER 2014

Wyden Working With Hatch On Inversions Bill For September

Grant Thornton LLP
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Senate Finance Committee Chair Ron Wyden, D-Ore., has pledged to introduce bipartisan legislation to address the recent rise in corporate inversion.

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Mel Schwarz
Mel Schwarz
Dustin Stamper
Dustin Stamper
Shamik Trivedi
Shamik Trivedi
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Senate Finance Committee Chair Ron Wyden, D-Ore., has pledged to work with ranking minority member Orrin Hatch, R-Utah, to introduce bipartisan legislation to address the recent rise in corporate inversions when Congress returns to work in September.

Wyden's announcement came in response to a new proposal from Finance Committee member Charles Schumer, R-N.Y., aimed at limiting the benefits of earnings stripping. Schumer's proposed legislation would:

  • Repeal the debt-to-equity safe harbor so that limitations on the interest expense deduction will apply to all inverters regardless of their financial leverage
  • Reduce the permitted net interest expense from 50% of a subsidiary's adjusted taxable income to no more than 25%

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