summary
Introduced
01/22/2019
01/22/2019
In Committee
01/22/2019
01/22/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
For legislation to close a corporate tax haven loophole. Revenue.
AI Summary
This bill aims to close a corporate tax haven loophole. It amends Section 32B of Chapter 63 of the General Laws to add new provisions. The key changes are:
1) Defining a list of jurisdictions considered "tax havens" that will be subject to additional reporting and disclosure requirements. This list includes places like the Cayman Islands, Bermuda, and Switzerland.
2) Requiring the state tax commissioner to submit a biannual report to the legislature with recommendations for adding or subtracting from the list of tax haven jurisdictions.
3) Providing criteria for the commissioner to use in determining whether a jurisdiction qualifies as a tax haven, including lack of effective tax rates, lack of transparency, and serving as a hub for offshore financial services.
4) Allowing the commissioner to require companies electing a water's-edge tax filing to disclose detailed information about their income, tax liabilities, and reporting practices in tax haven jurisdictions.
The overall goal is to increase transparency and close loopholes that allow companies to avoid taxes by shifting profits to low or no-tax locations.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Accompanied a study order, see H5040 (on 10/15/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://malegislature.gov/Bills/191/S1720 |
Bill | https://malegislature.gov/Bills/191/S1720.pdf |
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