Senator Levin to recommend against repatriation tax break
TUESDAY: Sen. Levin to Release Report on Repatriation Tax Break
WASHINGTON – At a press conference on Tuesday morning, Sen. Carl Levin, D-Mich., will release a report assessing the 2004 repatriation tax break that allowed U.S. companies to bring offshore earnings back to the United States at an extraordinarily low tax rate of 5.25%.
The Levin report, which is the product of a review by the Senate Permanent Subcommittee on Investigations which Levin chairs, recommends against requests by U.S. multinational corporations and business groups for a second round of tax benefits for their offshore funds.
The 2004 repatriation provision was a feature of the American Jobs Creation Act, which allowed corporations a one-time tax rate of 5.25% on income brought back the United States from overseas; corporations returned $312 billion in offshore earnings to the U.S. as a result and avoided billions in taxes. The report features company-specific data from U.S. multinational corporations that repatriated the greatest sums under the 2004 law.
Full Details Follow:
What: Sen. Levin to release Permanent Subcommittee on Investigations majority staff report on repatriation
When: Tuesday, October 11, 2011, 11:00 a.m.
Where: Office of Senator Carl Levin, 269 Russell Senate Office Building, Washington, DC