McKnight’s Senior Living March 25, 2024
Bipartisan bill would change tax treatment of certain mergers
Certain mergers would be treated differently for tax purposes if a bill introduced Thursday by Sens. JD Vance (R-OH) and Sheldon Whitehouse (D-RI) becomes law.
The Stop Subsidizing Giant Mergers Act would end tax-free mergers and taxpayer subsidies for acquisitions involving firms that had combined average annual gross receipts of more than $500 million during the previous three years. Exceptions would be made for mergers involving small businesses and for corporations that would be negatively affected during a “purely internal reorganization.”
The legislation “would remove a cornerstone of the corporate tax code and potentially reshape dealmaking,” the Wall Street Journal reported.
When one corporation is sold to or merges with...
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