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In 2008 the Legislature enacted legislation designed to reduce corporate tax avoidance, primarily by adopting a system known as "combined reporting" that makes it more difficult for companies to reduce their state tax liability by shifting income between subsidiaries. The legislation also contained a phased-in reduction of the tax rates for corporations and financial institutions. The state Department of Revenue estimates that this legislation will be responsible for the state collecting $307 million more in tax revenue in Fiscal 2010 than would have been collected under prior law, which reflects an incremental revenue impact of $80.3 million from Fiscal 2009.
November 17, 2009 | PDF | Factsheet