Omni Bridgeway (ASX:OBL) said it is actively working with the International Legal Finance Association (ILFA) to inform and steer the process surrounding a draft reconciliation version of the US Budget Bill, and based on current information, the firm considers it unlikely that the legal finance specific tax provision as included in the US Senate Finance Committee draft will ultimately be enacted into law, according to a Friday Australian bourse filing.
The draft bill was released on June 16 by the US Senate Finance Committee, and it includes a section proposing to introduce a statutory tax on legal finance transactions.
This draft bill has not been reviewed or voted on by the full US Senate. Even if it passed the Senate, the bill would need to go through multiple further uncertain political reconciliation and negotiation steps with the US House of Representatives, before being enacted into law.
If the proposed tax provision is enacted into law, under 25% of the fair value of the firm's global investment portfolio might be potentially exposed to the tax, per the filing.
Its shares fell 2% in early trading on Friday.
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