(Bloomberg) The House of Representatives voted to prevent companies that move their tax addresses from the U.S. to Bermuda or the Cayman Islands from winning some federal contracts.
The 221-200 vote yesterday on an amendment to a spending bill, with 34 Republicans joining almost all Democrats, marks the first recorded vote by U.S. lawmakers attempting to stem the recent tide of companies reincorporating outside the U.S. Still, it probably won’t change much about how companies operate or obtain federal contracts.
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