Bill > S1880

This bill aims to close a corporate tax haven loophole. It proposes amending Section 32B of Chapter 63 of the General Laws to define a list of tax haven jurisdictions, including Andorra, Bermuda, the Cayman Islands, and others. The bill requires the commissioner to submit a biannual report to the legislature with recommendations for additions or subtractions from the tax haven list, and to consider certain criteria when defining a tax haven, such as the jurisdiction having no or nominal effective tax on relevant income and other factors that encourage the reporting of disproportionately large income. The bill also gives the commissioner the authority to require certain taxpayers to submit a domestic disclosure spreadsheet with information about income reported to each state and to tax havens.

Budget and Finance

https://malegislature.gov/Bills/193/S1880