Sen. Lesser co-sponsors bill to close offshore corporate tax loophole
BOSTON–In support of small businesses in his district and around the Commonwealth, Sen. Lesserhas supported a bill that could recover more than $79 million in annual tax revenue by closing an offshore corporate tax loophole.
The bill, SD1699/H2477, requires multinational corporations to report profits deposited oversees as domestic taxable income.
“Small businesses–not multinational corporations–are the bedrock of the Western Massachusetts economy,” Lesser said.”Closing the offshore tax loophole reflects this reality, and has bipartisan support for a good reason.”
The average small business is paying $4000 in state and federal taxes to replace revenue lost due to corporate offshore tax havens, according to the Massachusetts Public Interest Research Group (MASSPIRG).