Levin Statement on Scrapped CF Industries Inversion

May 23, 2016
Press Release

WASHINGTON, DC – Ways and Means Committee Ranking Member Sander Levin (D-MI) today released the following statement after CF Industries Holdings Inc. announced that it no longer plans to pursue an inversion by merging with Netherlands-based OCI NV, as a direct result of the U.S. Department of the Treasury’s recent actions to limit corporate tax inversions. Last September, in the wake of CF Industries Holding’s announcement of a planned inversion, Rep. Levin joined House and Senate Democrats in urging Treasury Secretary Lew to publish an annual list of inverted companies and use executive authority to crack down on tax avoidance schemes.

“Today’s announcement from CF Industries shows that Treasury’s actions are already having their intended effect of protecting the U.S. tax base and stopping corporate tax inversions. While the regulations appear to be deterring some companies, only Congress can fully close this loophole. Democrats will keep pushing to make sure U.S. companies can’t simply change their addresses on paper to avoid paying their fair share of taxes.”