S2041
An Act closing a corporate tax haven loophole
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- Passed Senate
- Passed House
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Bill 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
Sponsors
Official sponsors from legislative records.
Primary sponsor
Mark C. Montigny
Cosponsors
Mark C. Montigny
Rebecca L. Rausch
Arguments in favor
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Bill S.2041 194th (Current)
An Act closing a corporate tax haven loophole
By Mr. Montigny, a petition (accompanied by bill, Senate, No. 2041) of Mark C. Montigny for legislation to close a corporate tax haven loophole. Revenue.
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Bill Information
Bill Information
Presenter: Mark C. Montigny Status: Referred to Joint Committee on Revenue
Tabs
Bill History Petitioners Committee Summary Primary Sponsor Summary
Bill History
Displaying 5 actions for Bill S.2041
| Date | Branch | Action |
| 2/27/2025 | Senate | Referred to the committee on Revenue |
| 2/27/2025 | House | House concurred |
| 9/24/2025 | Joint | Hearing scheduled for 10/03/2025 from 10:00 AM-05:00 PM in Gardner Auditorium |
| 10/3/2025 | Joint | Hearing rescheduled to 10/03/2025 from 10:00 AM-12:35 PM in Gardner Auditorium Hearing updated to New End Time |
| 4/1/2026 | Senate | Reporting date extended to Thursday June 25, 2026 |
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