Nice to know, in an age of increasing deficits in the U.S. government, that such poor companies like Coca-cola and Pfizer are deserving of tax give-aways.
Some U.S. Firms May Get Tax Boon
Coca-Cola, Johnson & Johnson and Pfizer scored a quiet win on Capitol Hill with a provision that would save a few U.S. companies with operations in Puerto Rico a combined millions of dollars in taxes next year.Company lobbyists won inclusion of the change in an obscure tax bill that passed the House last week. The measure, which affects a half dozen companies, is expected to win final approval as early as this week in the form of a stand-alone bill or as part of a broader, $70 billion tax bill under consideration in both chambers.
...When Congress approved tax incentives last year, Senate Republicans proposed offering the breaks to U.S. companies with facilities in Puerto Rico. But the proposal was rejected as too expensive by House Republicans.
This year, a loose coalition of companies led by Coca-Cola pressed lawmakers to amend that law to allow only U.S. businesses operating as branches in Puerto Rico to qualify for the domestic manufacturing deduction next year.
I guess this year the lobbyists did a better job of wining and dining.
Tags: corruption
