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).

Press ReleaseEric Lesser