An Act closing a corporate tax haven loophole
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill aims to close a loophole that allows multinational corporations to shift profits to tax havens, thereby reducing the amount of taxes they pay in Massachusetts. Specifically, it targets situations where companies use complex financial arrangements to avoid paying taxes on income earned within the state. The legislation seeks to ensure that Massachusetts receives its fair share of tax revenue from businesses operating within its borders. By addressing this loophole, the bill intends to increase state tax revenue and promote a more equitable tax system.
Key provisions
- Addresses profit shifting by multinational corporations.
- Targets financial arrangements used to avoid Massachusetts taxes.
- Seeks to ensure accurate tax collection from businesses operating in the state.
- Aims to increase state tax revenue.
- Focuses on preventing tax avoidance strategies.
Who is affected
- Multinational Corporations
- Businesses operating in Massachusetts
- The State of Massachusetts
Bill text
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Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Cosponsors
Rebecca L. Rausch
Arguments
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