Thursday, February 22, 2007
Today at 2:07pm (according to my email system), Deval Patrick sent out a press release announcing his "Property Tax Relief Plan." Said plan is a tax credit for some home owners with limited income. To pay for it, the release goes on, Patrick will file a bill to close corporate-tax "loopholes," to the tune of roughly $300 million. A large chunk of that comes from "combined reporting," which is meant to tax income that corporations try to shift to its subsidiaries in lower-tax states. At 2:32pm, the Massachusetts Budget and Policy Center sent out a press release announcing two new reports about corporate taxation, one finding that Massachusetts's businesses are currently under-taxed compared to other states, and the second explaining the purpose and benefits to a state of combined reporting.
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