Last night the legislature enacted the Tax Fairness Bill
which will close corporate tax loopholes restoring integrity to our tax code
and leveling the playing field among all taxpayers.
The bill closes two corporate tax loopholes, preventing
large multi state companies from avoiding almost $400 million a year in state
taxes. They also rejected attempts by
big businesses to include a new loophole for multi-national companies like Wal-Mart
and McDonalds.
In the face of tremendous opposition voiced by big
businesses lobbying, the Governor, and the legislature supported common sense
reforms reducing opportunities for tax avoidance and restoring fairness to our
tax system.
All taxpayers, including big businesses, rely on public
infrastructure and services including education, transportation, police, fire,
sanitation, parks and recreation, and public health. And whatever your
perspective on the level of taxes in Massachusetts,
most everyone agrees that our taxes should be fair. Some businesses should not
be allowed to pay less because of unintended, outdated or unreasonable tax
breaks.
The bill now awaits
the Governor’s signature before becoming law.
