A lobbying coalition seeking a tax holiday for repatriating offshore profits ended its campaign amid bipartisan congressional reluctance after spending more than a year and $760,000 on the effort.
The Win America Campaign, which included Cisco Systems Inc., Microsoft Corp. and Apple Inc., ended its relationship with two of its three lobbying firms in March, according to forms filed with the U.S. Senate last week. The coalition “temporarily suspended” lobbying on the issue, said Jennifer Dunn, a spokeswoman for Cisco. The company still considers repatriation and a tax-code overhaul to be top priorities, she said.
U.S. companies have stockpiled more than $1 trillion in untaxed profits outside the country. Seventy companies with the most money outside the U.S. held a total of $1.2 trillion overseas, according to data compiled by Bloomberg last month. Those companies increased their offshore holdings by 18.4 percent over the past year.