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New Jersey May Punish Companies Taking Assets Abroad To Avoid Taxes

The Clifton Pfizer facility, circa 1958. Pfizer has a long history in the Garden State but a recent merger with Ireland-based Allergan is causing the state to review its tax laws.
The Clifton Pfizer facility, circa 1958. Pfizer has a long history in the Garden State but a recent merger with Ireland-based Allergan is causing the state to review its tax laws. Photo Credit: Facebook

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

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