Closing a corporate tax haven loophole by defining tax havens and requiring reporting.

This bill amends Massachusetts tax law to define tax havens as jurisdictions with no or nominal effective tax on relevant income, meeting at least two criteria such as disproportionately large income or lack of transparency. The commissioner must submit biannual reports to the Legislature with recommendations for tax haven legislation. The bill also mandates that corporations report income, tax liability, and other details for tax havens.

Closing a corporate tax haven loophole by defining tax havens and requiring reporting.

This bill amends Massachusetts tax law to define tax havens as jurisdictions with no or nominal effective tax on relevant income, meeting at least two criteria such as disproportionately large income or lack of transparency. The commissioner must submit biannual reports to the Legislature with recommendations for tax haven legislation. The bill also mandates that corporations report income, tax liability, and other details for tax havens.