A lobbying coalition advocating for a tax holiday for repatriating offshore profits has disbanded, said a lobbyist who worked on the effort who wouldn’t publicly discuss the reasons for the decision.
The Win America Campaign, which included Cisco Systems Inc., Microsoft Corp. and Apple Inc., ended its relationship with two of its three lobbying firms in March, according to forms filed with the U.S. Senate last week. The group spent more than a year and $760,000 on the effort, according to public filings.
The group wanted Congress to repeat a 2004 tax holiday that let companies bring home offshore profits at a discount. Critics, including the Obama administration, said the proposal would cost the government money, encourage companies to move profits offshore and undermine efforts to overhaul the U.S. tax code.
The lobbyist said prospects for the legislation weren’t promising, which contributed to the decision to disband the group.
Doug Thornell, who had been a spokesman for the campaign, declined to comment.
The bill is H.R. 1834.