Reports

MassBudget Brief: House Action on Loophole Closing Legislation

On April 10th the Massachusetts House of Representatives approved legislation that includes both reforms that are likely to reduce corporate tax avoidance and tax rate cuts for corporations and financial institutions. During debate, the House adopted a number of amendments: the rate cut for corporations was reduced; a new rate cut for financial institutions was added; money from the tobacco tax was earmarked for Health Reform; and an amendment was adopted re-writing the section on Combined Reporting in a way that creates a series of new, and expensive, loopholes and other tax avoidance opportunities. This MassBudget Brief explains the legislation approved by the House, with special attention to amendments adopted during the budget debate.

April 24, 2008 | PDF