June 14, 2011

DC Council Passes Amendment Aimed at Attracting More Global Investment; Jobs to the District

Washington, DC-Today the Council of the District of Columbia passed its FY 2012 Budget, which included an important amendment authored by Councilmember Michael Brown. Brown’s amendment corrects an ambiguous tax provision that would have resulted in double taxation on the U.S. operations of global companies. This rule would have imposed an unfair and discriminatory tax aimed at significant employers in D.C. and would have discouraged global companies from further investment opportunities and creating jobs in the District.

“We are extremely pleased with Councilmember Michael Brown’s leadership and determination to keep the District alive and attractive for new investment from abroad,” said Nancy McLernon, OFII President & CEO. “The U.S. subsidiaries of global companies employ more than five million Americans – and we must do all we can do continue to attract these companies to our borders. No one wants to pay their tax bill twice—and by passing the budget with this important amendment, the District will remain an attractive location for foreign investment and job creation.”

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The Organization for International Investment is a Washington-based business association representing U.S. operations of global companies. To view OFII's membership list click here.