Prohibits State administered pension fund investment in corporations shifting ownership or operations outside U.S. for tax purposes.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill prohibits New Jersey’s state-administered pension funds from investing in corporations that are shifting ownership or operations outside the United States solely to reduce their tax liabilities. Specifically, it targets corporations that lower their worldwide effective income tax rate by 20% or more within three years due to moving operations or ownership overseas. The bill requires the State Investment Council to sell off any existing investments that violate this rule and mandates regular reporting on these investments.
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1 on record
Primary sponsor
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