NJ SCR87

Urges Congress and the President to prohibit awarding federal contracts to "inverted domestic corporations" — companies that were previously incorporated or partnered in the U.S. but have reincorporated in foreign countries to reduce tax obligations

Addresses corporate tax inversions where U.S. companies relocate legal addresses to countries with lower corporate tax rates (citing Ireland's 12.5% rate versus the U.S. combined state and local rate of approximately 26%)

References pending federal legislation that would bar executive agencies, including the Department of Defense, from contracting with inverted corporations or their subsidiaries unless a national security waiver is granted

Directs copies of the resolution to be transmitted to the President, Vice President, congressional leadership, and all New Jersey members of Congress