New Jersey firms that merge with overseas partners to dodge taxes would lose incentives and other state benefits under a measure passed by the state Assembly, reports NJ Spotlight.
Some pundits say the matter should be left to the federal government, but Jersey-based Pfizer’s merger with Ireland-based Allergan has brought the issue stateside again. Pfizer is changing its mailing address to Ireland, which has a much lower tax rate, said NJ Spotlight.
No other individual state has laws on the books penalizing corporations for this practice, known as tax inversion, the story said. T
Click here to read the full story.
Click here to sign up for Daily Voice's free daily emails and news alerts.