Prevent Tax Haven Abuse
| Category: | Taxation |
|---|---|
| Status: | Passed |
| Sponsor: | Representative Denise Tepler, House 54 |
| Session: | 130 |
| Bill #: | LD 428 |
Position:
Monitoring.
UPDATE 3/11/22: This bill has been changed to a resolve to study the issue further. A good result.
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.