This bill aims to prevent federal government contracts from being awarded to companies that have undergone corporate inversions. It prohibits executive agencies from contracting with foreign incorporated entities determined to be inverted domestic corporations or their subsidiaries. Furthermore, prime contractors on federal contracts exceeding $10 million are restricted from awarding significant subcontracts to such inverted entities, with violations potentially leading to contract termination and debarment. An inverted domestic corporation is generally defined as a foreign incorporated entity that, after May 8, 2014, acquired a domestic corporation or partnership, and subsequently either more than 50 percent of its stock is held by former domestic shareholders or its management and control are primarily in the United States with significant domestic business activities. An exception applies if the expanded affiliated group demonstrates substantial business activities in its foreign country of organization. Significant domestic business activities are met if at least 25 percent of the group's employees, compensation, assets, or income are based in or derived from the United States. The head of an executive agency may waive this prohibition if it is deemed necessary for national security or for the efficient administration of federal health benefit or public health programs. Any such waiver must be reported to the relevant congressional committees within 14 days. The bill applies to new contracts and subsequent task or delivery orders, covering contracts regulated under both the Federal Acquisition Regulation and the Defense Supplement. The Secretary of the Treasury is also directed to issue regulations clarifying when management and control of an expanded affiliated group are considered primarily within the United States, focusing on the location of key executive officers.