Massachusetts Fair Share

We stand up for a Massachusetts where everyone gets a fair shot, does and pays their fair share, and plays by the same rules.

57 Legislators Back Bill to Close Corporate Tax Loophole

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Update on our work to close a corporate tax loophole in Massachusetts: 57 legislators have cosponsored a bill, filed by Rep. Josh Cutler (Duxbury) in the House and Sen. Mark Montigny (New Bedford) in the Senate, that would close a loophole which allows corporations to hide profits earned in Massachusetts in foreign tax havens. Cosponsors include 3 Republicans, giving the move bipartisan support.

Staring down a $765 million budget shortfall, our leaders on Beacon Hill have a lot of tough choices to make. But amid these tough choices is an easy one: Let’s close a loophole that allows companies to hide money overseas and avoid paying taxes. Closing this loophole would reclaim $79 million each year in lost revenue. And while that might not erase the current budget shortfall, it’s certainly a good place to start.

This simple reform, already in place in Oregon and Montana, requires that companies treat profits made in Massachusetts and funneled to known tax havens like the Cayman Islands as domestic taxable income. Over the last year, Massachusetts Fair Share has delivered more than 5,000 comments in support of this measure.

“As a small business owner, I know that local businesses aren’t setting up foreign subsidiaries to skirt tax codes, they’re paying their fair share for the services we all benefit from,” said Rep. Cutler. “We think it’s time to level the playing field and help our Bay State businesses.”

“It is outrageous that hard working Massachusetts residents are expected to pay their fair share of taxes while some major corporations are able to skirt their obligations through the use of murky off shore tax loopholes that a phalanx of lobbyists, year in and year out, protect for special interests. Enough is enough, it is time we end these loopholes and make everyone pay their fair share.  The closing of these exploitative loopholes could be used to address issues far more important than the enrichment of corporations and their lobbyists,” said Senator Mark Montigny.

A report by the MASSPIRG Education Fund found that Massachusetts taxpayers could save $79 million a year from a simple reform to crack down on offshore tax dodging. The reform would require companies to treat profits booked to notorious tax havens as domestic taxable income.

Here is the full list of legislative sponsors:

Chief Sponsors
Rep. Josh S. Cutler 6th Plymouth
Sen. Mark C. Montigny Second Bristol and Plymouth
Senate Cosponsors
Michael J. Barrett Third Middlesex
James B. Eldridge Middlesex and Worcester
Patricia D. Jehlen Second Middlesex
Thomas P. Kennedy Second Plymouth and Bristol
Eric P. Lesser First Hampden and Hampshire
Jason M. Lewis Fifth Middlesex
Barbara L’Italien Second Essex and Middlesex
Mark C. Montigny Second Bristol and Plymouth
House Cosponsors
James Arciero 2nd Middlesex
Cory Atkins 14th Middlesex
Ruth B. Balser 12th Middlesex
Christine P. Barber 34th Middlesex
Jennifer E. Benson 37th Middlesex
Thomas J. Calter 12th Plymouth
James M. Cantwell 4th Plymouth
Gailanne M. Cariddi 1st Berkshire
Brendan P. Crighton 11th Essex
Josh S. Cutler 6th Plymouth
Michael Day 31st Middlesex
Marjorie C. Decker 25th Middlesex
Angelo L. D’Emilia 8th Plymouth
Geoff Diehl 7th Plymouth
Stephen L. DiNatale 3rd Worcester
Diana DiZoglio 14th Essex
Michelle M. DuBois 10th Plymouth
Carolyn C. Dykema 8th Middlesex
Lori A. Ehrlich 8th Essex
Sean Garballey 23rd Middlesex
Colleen M. Garry 36th Middlesex
Kenneth I. Gordon 21st Middlesex
Danielle W. Gregoire 4th Middlesex
Jonathan Hecht 29th Middlesex
Kate Hogan 3rd Middlesex
Louis L. Kafka 8th Norfolk
Mary S. Keefe 15th Worcester
Kay Khan 11th Middlesex
Peter V. Kocot 1st Hampshire
Jay Livingstone 8th Suffolk
Timothy R. Madden Barnstable, Dukes and Nantucket
John J. Mahoney 13th Worcester
Paul W. Mark 2nd Berkshire
Joseph W. McGonagle, Jr. 28th Middlesex
Leonard Mirra 2nd Essex
James J. O’Day 14th Worcester
Sarah K. Peake 4th Barnstable
William Smitty Pignatelli 4th Berkshire
Denise Provost 27th Middlesex
Angelo J. Puppolo, Jr. 12th Hampden
David M. Rogers 24th Middlesex
Jeffrey N. Roy 10th Norfolk
Daniel J. Ryan 2nd Suffolk
Tom Sannicandro 7th Middlesex
Frank I. Smizik 15th Norfolk
Ellen Story 3rd Hampshire
Timothy J. Toomey, Jr. 26th Middlesex
Aaron Vega 5th Hampden
Chris Walsh 6th Middlesex

2 comments on “57 Legislators Back Bill to Close Corporate Tax Loophole

  1. Pingback: Massachusetts Fair Share Among Early Ed Advocates Hoping for More from Budget | Massachusetts Fair Share

  2. Pingback: House finalizing budget, some gains for early ed | Massachusetts Fair Share

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This entry was posted on February 20, 2015 by in Uncategorized.
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