MASSPIRG Testimony in support of An Act closing a corporate tax haven loophole, HB 2477 and SB 1524 to reduce tax avoidance through the use of offshore tax havens saving Massachusetts taxpayers $79 million a year while making the tax code fairer for ordinary taxpayers and small businesses.
An Act closing a corporate tax haven loophole, HB 2477 and SB 1524 was filed by Representative Josh Cutler (Duxbury) and Senator Mark Montigny (Montigny) and cosponsored by a bipartisan group of 57 lawmakers. The bill, already a law in place in Oregon and Montana, also known as the “water’s edge” loophole would require that companies treat profits made in Massachusetts and funneled to known tax havens like the Cayman Islands as domestic taxable income. Making this change to the tax code would save Massachusetts taxpayers $79 million a year.
