An Act combating offshore tax avoidance
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill, titled ‘An Act combating offshore tax avoidance,’ aims to address tax avoidance by entities and individuals using offshore accounts. It seeks to increase transparency and potentially close loopholes that allow for the underpayment of taxes. The bill is currently under review by the Joint Committee on Revenue in Massachusetts.
Key provisions
- Requires increased reporting of financial transactions involving offshore accounts.
- Seeks to identify and address tax avoidance strategies utilized through offshore entities.
- May include provisions to enhance cooperation with international tax authorities.
- Could potentially increase scrutiny of Massachusetts residents' offshore financial activities.
- Aims to ensure equitable tax collection within the state.
- Focuses on preventing the shifting of income and assets to minimize tax liabilities.
- Intended to strengthen the state's ability to collect taxes from those utilizing offshore structures.
- May establish guidelines for financial institutions regarding offshore account reporting.
Who is affected
- Individuals with offshore accounts
- Financial institutions operating in Massachusetts
- Taxpayers in Massachusetts
- Offshore financial entities
- The Massachusetts Department of Revenue
Bill text
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Sponsors
Official sponsors from legislative records.
95 on record
Primary sponsor
Cosponsors
Adrianne Pusateri Ramos
Amy Mah Sangiolo
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