Corporate repatriation legislation to be unveiled today by Senators Kay Hagan and John McCain would let U.S. businesses bring home offshore profits at an 8.75 percent tax rate.
The rate on repatriated profits would drop to 5.25 percent if a company's payroll expanded during 2012, according to a summary of the bill confirmed by an aide to McCain, an Arizona Republican. The current top corporate rate is 35 percent.
To qualify for the lowest tax rate, a company would have to increase its payroll by 10 percent as measured by additional workers or higher employee pay.
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