Tax haven legislation. I see this as a promising way to shore up revenue at the state level: Maine lawmakers are considering a bill that would add 38 known offshore tax havens to the formula of calculating corporate tax collections in the state. “If a big company like Apple sells things in Maine, they should pay a portion of their corporate tax in Maine, even if they have income in Bermuda,” said Democratic Rep. Adam Goode of Bangor, the sponsor of the bill. The Maine Legislature’s Joint Taxation Committee voted 8-5 for the bill last month, and Goode is optimistic the full legislature will follow suit. Montana and Oregon already have laws allowing them to collect those taxes. Montana’s 2004 law is seen as the model; it collected $7.2 million in extra revenue in 2010, the most recent year for which numbers are available. Oregon, which passed its law last year, anticipates an additional $18 million in fiscal 2014-15, according to Bob Estabrook, spokesman for the Oregon Department of Revenue. By the time the two-year budget cycle ends in fiscal 2016-17, Oregon expects to collect an extra $42 million, Estabrook said. Mike Kadas, director of the Montana Department of Revenue, said the law there has boosted corporate tax collections by between 5 percent and 7 percent. “That number is growing every year as we see more multinationals taking advantage of tax havens,” he said. Do you agree? What do you think are the pros and cons of such legislation? pewstates.org/projects/stateline/headlines/hunting-lost-revenue-in-offshore-tax-havens-85899541744
Posted on: Sun, 16 Mar 2014 14:17:20 +0000
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