S.3120 - Reclaiming Expatriated Contracts and Profits Act107th Congress (2001-2002)
|Sponsor:||Sen. Grassley, Chuck [R-IA] (Introduced 10/16/2002)|
|Committees:||Senate - Governmental Affairs|
|Latest Action:||10/16/2002 Read twice and referred to the Committee on Governmental Affairs. (text of measure as introduced: CR S10577-10578) (All Actions)|
This bill has the status Introduced
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Summary: S.3120 — 107th Congress (2001-2002)All Bill Information (Except Text)
Reclaiming Expatriated Contracts and Profits Act - Prohibits awarding Federal contracts or subcontracts to foreign incorporated entities treated as inverted domestic corporations (a domestic corporation 80 percent of the stock of which is controlled by the former domestic stockholders or partners after the corporation is acquired by a foreign entity) and requires adjustments to Federal contract bids from certain previously acquired entities (a price increase for bids evaluated solely on price; a quantitative evaluation reduction for bids evaluated on two or more factors) for a specified period following such acquisition.
Introduced in Senate (10/16/2002)
Authorizes: (1) a presidential waiver in the interest of national security; and (2) an exception to the application of this Act for entities that were not acquired to avoid Federal income taxation.