Prevent Tax Haven Abuse

Last updated: May 16, 2019

Details about this bill
Category: Taxation
Status: Carried Over
Sponsor: Representative Ryan Tipping, House 123
Session: 129
Bill #: LD 403

Position:

Monitoring.

Summary:

This bill requires corporations that file unitary income tax returns in Maine to include income from certain jurisdictions outside the United States in net income when apportioning income among tax jurisdictions. The State Tax Assessor is required to adopt major substantive rules to determine the income or loss attributable to such corporations and to prevent double taxation or deduction of income. The assessor is required to submit an annual report to the joint standing committee of the Legislature having jurisdiction over taxation matters regarding whether jurisdictions should be added to or deleted from the list of tax havens based on specified criteria.