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Chamber of Commerce Sues IRS over Rules Limiting Inversions

Suit argues that congressional legislation is proper way to curb such mergers.

By Laurel Brubaker Calkins, Bloomberg | Updated on August 05, 2016

The U.S. Chamber of Commerce challenged an Internal Revenue Service rule change it claims improperly stymies the ability of U.S. companies to shift their headquarters overseas to shelter global profits from American tax collectors.

The Washington-based chamber and a Texas trade group sued the government Thursday, objecting to a policy the IRS implemented in April that they say wasn’t made available for public comment first. The change makes it significantly less profitable for companies to merge with foreign partners to be considered foreign-based entities for U.S. tax purposes, a practice known as inversion.

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