U.S. senator eyes bill to halt corporate tax 'inversion'

WASHINGTON Thu May 8, 2014 12:15pm EDT

U.S. Senator and chair of the Senate Homeland and Governmental Affairs Investigations Subcommittee, Senator Carl Levin (D-MI) questions Credit Suisse officials on Capitol Hill in Washington February 26, 2014. REUTERS/Gary Cameron

U.S. Senator and chair of the Senate Homeland and Governmental Affairs Investigations Subcommittee, Senator Carl Levin (D-MI) questions Credit Suisse officials on Capitol Hill in Washington February 26, 2014.

Credit: Reuters/Gary Cameron

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WASHINGTON (Reuters) - U.S. Democratic Senator Carl Levin on Thursday said he plans to introduce legislation soon to prevent corporate inversions, an increasingly popular restructuring that involves U.S. companies moving overseas to avoid U.S. taxes.

Levin, a long-time advocate for closing corporate tax loopholes, said he is talking with other senators about potential legislation.

"It's become increasingly clear that a loophole in our tax laws allowing these inversions threatens to devastate federal tax receipts. We have to close that loophole," said Levin in a statement.

(Reporting by Patrick Temple-West; Editing by Chris Reese)

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