To prohibit the award of Federal Government contracts to inverted domestic corporations, and for other purposes.

Key Provisions

• Blocks federal agencies from awarding contracts to companies that have moved their legal address overseas but still operate mostly in the U.S.
• Requires agencies to include rules in large contracts (over $10,000,000) preventing main contractors from giving major subcontracts to these companies.
• Defines an "inverted domestic corporation" as a foreign-registered company that acquired a U.S. business after May 8, 2014, and then either has more than 50 percent of its stock held by former U.S. owners, or its management and control are primarily in the U.S. and it has significant domestic business activities.
• Allows federal agencies to waive these rules for national security or critical health programs.
• Requires the Treasury Department to create specific rules for identifying when a company's management is primarily in the U.S.