Homeward bound

Homeland Investment Act


On October 22 last year, President Bush signed into law a temporary tax relief measure that could have an important impact on European corporate bond supply. The Homeland Investment Act (HIA), part of the wider American Jobs Creation Act, allows US companies a one-year window in which to repatriate foreign earnings at a specially reduced tax rate of 5.25%, as opposed to the standard 35% rate. European bond investors are hoping that US companies with strong earnings in Europe will seek to monetis

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