WASHINGTON, D.C. –(ENEWSPF)—June 8, 2015. U.S. Senator Dick Durbin (D-IL) today released the following statement after Syngenta AG released documents showing that Monsanto intends to move its corporate headquarters overseas as part of its proposed acquisition of Syngenta, but only on paper, in order to avoid paying U.S. taxes – a process known as “inversion”. Durbin’s Stop Corporate Inversions Act of 2015 would lower the 80% continuity of ownership test under Section 7874 of the tax code to 50%, effectively preventing Monsanto from moving forward with its plan to dodge U.S. taxes by acquiring Syngenta.
