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).