An Act combating offshore tax avoidance
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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 reduce tax avoidance by corporations that utilize offshore financial strategies. It seeks to close tax loopholes and generate more progressive revenue for the state of Massachusetts. The legislation intends to address concerns about companies shifting profits to lower-tax jurisdictions. By enacting these changes, the state hopes to increase tax revenue and ensure a fairer tax system.
Key provisions
- Close corporate tax loopholes related to offshore financial activities.
- Implement measures to prevent companies from shifting profits to minimize their tax obligations.
- Increase revenue collection through a more progressive tax system.
- Target specific tax strategies commonly used for offshore tax avoidance.
- Require greater transparency in corporate tax reporting.
- Potentially adjust tax rates or deductions to address loopholes.
- Establish mechanisms for ongoing review and adjustment of tax laws.
Who is affected
- Corporations operating in Massachusetts
- Taxpayers in Massachusetts
- The State of Massachusetts
- Financial institutions operating in Massachusetts
- Businesses with international operations
Notable changes
- Addresses corporate tax avoidance strategies.
- Seeks to create a more equitable tax system.
Bill text
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Sponsors
Official sponsors from legislative records.
35 on record
Primary sponsor
Cosponsors
Antonio F. D. Cabral
Carmine Lawrence Gentile
Arguments
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