ADVISORY
FROM THE COMMITTEE ON WAYS AND MEANS

Subcommittee on Select Revenue Measures

McCrery Announces Hearing on
Corporate Inversions

 Congressman Jim McCrery (R-LA), Chairman, Subcommittee on Select Revenue Measures of the Committee on Ways and Means, today announced that the Subcommittee will hold a hearing on Corporate Inversions.  The hearing will take place on Tuesday, June 25, 2002, in the main Committee hearing room, 1100 Longworth House Office Building, beginning at 3:00 p.m.

In view of the limited time available to hear witnesses, oral testimony at this hearing will be from invited witnesses only.  However, any individual or organization not scheduled for an oral appearance may submit a written statement for consideration by the Committee and for inclusion in the printed record of the hearing.

BACKGROUND:

As noted in announcing the full Committee hearing of June 6, 2002, in recent months several corporations have either changed their principal place of incorporation to a foreign country or announced their intention to do so.  On May 17, 2002, the U.S. Department of the Treasury released its Preliminary Report on Inversion Transactions that sets out the mechanics of and reasons for U.S. companies to undertake these transactions.  The report also highlights the disadvantages that the U.S. Tax Code imposes on U.S. companies as compared to their foreign competitors.

In announcing the hearing, Chairman McCrery stated, “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."

FOCUS OF THE HEARING:

The focus of this hearing is to build upon the full Committee hearing and further examine the mechanics of inversion transactions and examine policy options that will deter inversions and enhance U.S. international competition.

DETAILS FOR SUBMISSION OF WRITTEN COMMENTS:

Please Note:  Due to the change in House mail policy, any person or organization wishing to submit a written statement for the printed record of the hearing should send it electronically to hearingclerks.waysandmeans@mail.house.gov, along with a fax copy to (202) 225-2610, by the close of business, Tuesday, July 9, 2002.  Those filing written statements that wish to have their statements distributed to the press and interested public at the hearing should deliver their 200 copies to the Subcommittee on Select Revenue Measures in room 1135 Longworth House Office Building, in an open and searchable package 48 hours before the hearing.  The U.S. Capitol Police will refuse sealed-packaged deliveries to all House Office Buildings. 

FORMATTING REQUIREMENTS:

Each statement presented for printing to the Committee by a witness, any written statement or exhibit submitted for the printed record or any written comments in response to a request for written comments must conform to the guidelines listed below.  Any statement or exhibit not in compliance with these guidelines will not be printed, but will be maintained in the Committee files for review and use by the Committee.

1.   Due to the change in House mail policy, all statements and any accompanying exhibits for printing must be submitted electronically to hearingclerks.waysandmeans@mail.house.gov, along with a fax copy to (202) 225-2610, in Word Perfect or MS Word format and MUST NOT exceed a total of 10 pages including attachments.  Witnesses are advised that the Committee will rely on electronic submissions for printing the official hearing record. 

2.  Copies of whole documents submitted as exhibit material will not be accepted for printing.  Instead, exhibit material should be referenced and quoted or paraphrased.  All exhibit material not meeting these specifications will be maintained in the Committee files for review and use by the Committee.

3.  Any statements must include a list of all clients, persons, or organizations on whose behalf the witness appears.  A supplemental sheet must accompany each statement listing the name, company, address, telephone and fax numbers of each witness.

Note: All Committee advisories and news releases are available on the World Wide Web at http://waysandmeans.house.gov.

The Committee seeks to make its facilities accessible to persons with disabilities. If you are in need of special accommodations, please call 202-225-1721 or 202-226-3411 TTD/TTY in advance of the event (four business days notice is requested). Questions with regard to special accommodation needs in general (including availability of Committee materials in alternative formats) may be directed to the Committee as noted above.