Prevent Tax Haven Abuse
| Category: | Taxation |
|---|---|
| Status: | Defeated |
| Sponsor: | Representative Ryan Tipping, House 123 |
| Session: | 128 |
| Bill #: | LD 784 |
Position:
Opposed.
UPDATE: This bill is dead.
UPDATE: The House voted in favor of the bill, 74-67. The Senate voted the bill Ought Not to Pass. It will likely die in non-concurrence.
UPDATE: This bill remains tabled in the House as of 5/20/17.
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 and 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.