For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...
President Obama signs into law a measure (H.R. 847) that would impose a new 2 percent excise tax on federal procurement payments to certain foreign companies or manufacturers. The $4.6 billion the tax is expected to generate will be used to pay for a World Trade Center Health Program that would provide health care monitoring and treatment for certain emergency responders and recovery and cleanup workers, as well as to residents and other building occupants and workers in New York City who were directly impacted by the Sept. 11, 2001, attacks. The new excise tax in the James Zadroga 9/11 Health and Compensation Act would affect any foreign company or manufacturer located in a country that does not have a government procurement agreement with the United States.
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