Urge Your Legislators to Support MTA-Backed Bill to Tax Corporate Profits Shifted Overseas!
The MTA is supporting legislation to tax corporate profits shifted overseas by increasing the tax rate on Global Intangible Low Taxed Income (GILTI). The bill, An Act to close corporate tax loopholes and create progressive revenue, was filed by Senator Sonia Chang-Díaz (D-Boston) and Representative Christine Barber (D-Somerville).
Many multinational corporations that generate profits in the Commonwealth avoid paying taxes by using complex accounting schemes that make their profits appear to have been earned in offshore tax havens. This “income shifting” often places these profits beyond the reach of state and federal tax authorities. However, the federal government has found a way to identify this income and now allows states to tax a portion of it. By passing this legislation and thereby joining other states in taxing GILTI, Massachusetts could generate up to $400 million annually in new revenue. To learn more about this bill, please click here.
Please email your legislators right away and urge them to support and co-sponsor the MTA-backed bill to tax GILTI! Please also consider calling your legislators to follow up on your email. You can find your legislators’ phone numbers by clicking here.