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Tax committee passes former tax haven bill

3/11/2022

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Bill turned into resolve to require MRS to look into worldwide reporting
On Thursday, March 10, the Joint Standing Committee on Taxation voted along party lines “ought-to-pass as amended” on LD 428, An Act to Prevent Tax Haven Abuse, sponsored by Rep. Denise Teppler (D-Topsham). Democrats on the committee voted in favor of LD 428 while Republicans voted against it.
LD 428 is a carryover bill that the Maine State Chamber testified in opposition to last session. As originally drafted, the bill requires corporations that file unitary income tax returns in Maine to include income from certain jurisdictions from outside the U.S. in net income when apportioning among tax jurisdictions. The bill would have established a “blacklist” of countries considered to be tax havens.
 
The amended version of LD 428 was turned into a resolve, titled Resolve, Directing a Review and Report Regarding Worldwide Combined Reporting of Certain Corporations for Income Tax Purposes. The amendment eliminates language that blacklisted certain countries. Instead, the amended version would direct Maine Revenue Services (MRS) to research what it would involve to transition Maine to worldwide combined reporting with a water’s-edge elective; why some states have adopted worldwide reporting; and the proposed federal legislation that U.S. Sen. Angus King is working on. The amendment would require MRS to report back to the Taxation committee next session.
 
The Maine State Chamber’s position is that this legislation is unnecessary at this time, and that Maine should wait to see what the federal government does with respect to the treatment of foreign income before any changes are made at the state level. It is our understanding that the Biden Administration is proposing changes fundamentally very different from this resolve. The Biden Administration is proposing changes to the Global Intangible Low Taxed Income (GILTI) provision and not considering movement towards worldwide combined reporting.
 
The amendment will be drafted by the committee’s analyst and return to the Taxation committee for language review before being reported out of committee. If you have any questions, please contact Linda Caprara, senior government relations specialist, by calling (207) 623-4568, ext. 106, or by emailing lcaprara@mainechamber.org.
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Copyright Maine State Chamber of Commerce. All rights reserved.
 128 State Street | Suite 101 | Augusta, ME 04330-5630
 Phone: (207) 623-4568
For media inquiries, please contact Jen Webber, (207) 939-0213
For membership inquiries, please contact Mark Ellis. (207) 623-4568
  • About Us
    • Connect with Us
    • Affiliates & Partners
    • Our Board
    • Meet the Team
    • President's Message
    • External Social Media Policy
  • Membership
    • Benefits of Membership
    • Join the Chamber
    • Return on Investment
    • Member Search
  • Public Policy
    • Public Hearings of Interest
    • Legislation of Interest
    • Public Policy Committees
    • Grassroot Resources
    • Find Your Legislator >
      • Representatives
      • Senators
  • Events
    • Calendar of Events
    • 2022 Annual Meeting
    • Sponsorship Opportunities
    • Business Day at the Statehouse
    • Board Meetings & Board Events
    • DC Fly-In
    • Legislative Social
    • Policy Issues Workshops
    • Regional Breakfasts
    • Scramble for Scholars
    • Webinars by The Maine State Chamber of Commerce
  • Initiatives
    • Campus Career Connect
    • Dream It. Do It.
    • Education Foundation
    • Keep Maine Competitive
    • Maine Economic Research Institute (MERI)
    • This is ME Counting on You
    • Senior Leaders of Tomorrow Development Program
  • Newsroom
    • COVID-19 Resources
    • Impact Newsletter
    • MSCC Blog
    • The Bottom Line
    • The Maine Take
    • Making Maine Work
    • MERI Roll Call
    • OneVoice Maine Magazine
    • Policy Brief Series with Educate Maine
    • Press Kit
  • Member Login