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Committee on Ways and Means
 Subcommittee on Select Revenue Measures

For Immediate Release
Contact: Press Office 202-225-8933
June 19, 2002

WASHINGTON - Feeling the pressures of international competition, a growing number of U.S. companies are moving their corporate headquarters to tax-favorable locations outside the United States. These transactions, known as corporate inversions, have caused wide concern among lawmakers and administration officials and have gained national attention. On May 17, 2002, the Treasury Department completed a preliminary analysis of corporate inversions.

Next week, lawmakers will further investigate this trend and its causes. They will dig below the surface to determine the underlying sources of corporate inversions, and how they can be addressed. The Committee will also examine potential outcomes of the various proposed remedies.

Subcommittee Chairman Jim McCrery (R-LA) said, “Some say inversions are a problem which must be stopped. Others say they are a symptom of a greater problem with our international tax rules. The Subcommittee hearing will give Members an opportunity to learn more about this complex problem and the consequences of proposed remedies.”