WASHINGTON (AP) — The Senate voted Wednesday to advance an election-year bill limiting tax breaks for U.S. companies that move operations overseas. The Senate voted 93-7 to begin debating the bill, which would prevent companies from deducting expenses related to moving operations to a foreign country. The bill would cost U.S. companies that move overseas $143 billion in additional taxes over the next decade, according to the Joint Committee on Taxation, which analyzes tax bills for Congress.
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By STEPHEN OHLEMACHER, Associated Press, San Francisco Chronicle: Politics
Wed, 07/23/2014 - 8:49am
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