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.

Closing corporate tax loopholes earns 56 bipartisan co-sponsors

A bill to close a loophole which allows corporations to hide profits earned in Massachusetts in offshore tax havens has earned the support of 56 state legislators. Filed by Rep. Josh Cutler (Duxbury) in the House and Sen. Mark Montigny (New Bedford) in the Senate, the bill’s cosponsors include four Republicans, giving the move bipartisan support.

“Tax loopholes allow a few companies to avoid taxes the rest of us pay,” said Nathan Proctor, state director of Massachusetts Fair Share. “How is Massachusetts supposed to fix the T, invest in early education and local economies when we allow large companies to game the system? If we all pay our fair share, we’ll have a stronger Massachusetts.”

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.

“As a small business owner, I can tell you that local businesses don’t set up foreign subsidiaries to skirt the tax code,” said Rep. Josh Cutler. “Why should our local businesses pay taxes that larger companies avoid with complex schemes and offshore accounts? Let’s make sure we are all playing by the same rules.”

“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 offshore tax loopholes that a phalanx of lobbyists, year in and year out, protect for special interests,” said Sen. Mark Montigny.

According to research by the MASSPIRG Education Fund, this reform will return $79 million in state revenue per year lost in tax haven abuse.

Full list is below:

SPONSORS:

Josh S. Cutler 6th Plymouth
Mark C. Montigny Second Bristol and Plymouth

 

SENATE CO-SPONSORS

Sal N. DiDomenico Middlesex and Suffolk
James B. Eldridge Middlesex and Worcester
Eric P. Lesser First Hampden and Hampshire
Jason M. Lewis Fifth Middlesex
Barbara A. L’Italien Second Essex and Middlesex
Joan B.  Lovely Second Essex
Patrick M. O’Connor Plymouth and Norfolk
Kathleen O’Connor Ives First Essex

HOUSE CO-SPONSORS

Brian M. Ashe 2nd Hampden
Ruth B. Balser 12th Middlesex
Christine P. Barber 34th Middlesex
Thomas J. Calter 12th Plymouth
James M. Cantwell 4th Plymouth
Mike Connolly 26th Middlesex
Daniel Cullinane 12th Suffolk
Michael S. Day 31st Middlesex
Marjorie C. Decker 25th Middlesex
Angelo L. D’Emilia 8th Plymouth
Michelle M. DuBois 10th Plymouth
James J. Dwyer 30th Middlesex
Carolyn C. Dykema 8th Middlesex
Lori A. Ehrlich 8th Essex
Tricia Farley-Bouvier 3rd Berkshire
Dylan Fernandes Barnstable, Dukes and Nantucket
Colleen M. Garry 36th Middlesex
Carmine L. Gentile 13th Middlesex
Joseph W. McGonagle, Jr. 28th Middlesex
Kenneth I. Gordon 21st Middlesex
Jonathan Hecht 29th Middlesex
Paul R. Heroux 2nd Bristol
Randy Hunt 5th Barnstable
Mary S. Keefe 15th Worcester
Kay Khan 11th Middlesex
Peter V. Kocot 1st Hampshire
Jack Lewis 7th Middlesex
Jay D. Livingstone 8th Suffolk
Elizabeth A. Malia 11th Suffolk
James R. Miceli 19th 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 12th Hampden
Daniel J. Ryan 2nd Suffolk
Angelo M. Scaccia 14th Suffolk
Frank I. Smizik 15th Norfolk
Thomas M. Stanley 9th Middlesex
Jose F. Tosado 9th Hampden
Steven Ultrino 33rd Middlesex
Aaron Vega 5th Hampden
Chris Walsh 6th Middlesex
Timothy R. Whelan 1st Barnstable
Jonathan D. Zlotnik 2nd Worcester
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This entry was posted on February 8, 2017 by in Tax and Budget.
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