Durbin Urges Monsanto CEO To Reconsider Inversion Strategy That Would Cost U.S. Taxpayers Hundreds Of Millions Each Year

Press Release

In a meeting with the CEO of Monsanto, Hugh Grant, U.S. Senator Dick Durbin (D-IL) today urged the company to keep its tax address in the United States if its intended acquisition of Syngenta AG is successful. Durbin also reiterated his commitment to passing the Stop Corporate Inversions Act of 2015 which would lower the 80% continuity of ownership test under Section 7874 of the tax code to 50%, effectively preventing Monsanto from moving forward with its plan to avoid U.S. taxes by acquiring Syngenta.

"Like so many large companies in the U.S., Monsanto has prospered in large part due to U.S. taxpayer-funded programs and services. Where would Monsanto be without the U.S. farm program and our world class research labs?" said Durbin. "Today, I urged Monsanto CEO High Grant to reconsider the company's corporate inversion plans to move its tax address to Europe. I also made it very clear that I will do all I can in Congress to close the loophole that allows corporations to avoid their U.S. tax responsibility."

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