In 2004, the United States Congress enacted such a tax holiday for U.S. multinational companies in the American Jobs Creation Act of 2004 (AJCA)) section 965, allowing them to repatriate foreign profits to the United States at a 5.25% tax rate, rather than the existing 35% corporate tax rate.
[1] The largest multi-national companies, Apple Inc., Microsoft Corp., Alphabet Inc., Cisco Systems Inc., and Oracle Corp., recalled only 9% of their cash possessions following the 2004 act.
[2] In 2011, Senate Democrats, arguing against another repatriation tax holiday, issued a report asserting that the previous effort had actually cost the United States Treasury $3.3 billion, and that companies receiving the tax breaks had thereafter cut over 20,000 jobs.
[3] A second repatriation tax holiday was defeated in the United States Senate in 2009.
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