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Maine House OKs Bill Targeting Foreign Tax Havens
04/01/2014 01:20 PM ET  

The bill adds 38 tax havens to Maine's tax code and would require those that use them to report their corporate income tax like a Maine business would.

AUGUSTA, Maine (AP) _ Maine lawmakers have given the first nod to a bill aimed at preventing companies from avoiding paying state taxes by stashing their profits in foreign banks.

The Democratic-led House approved the bill in an 86-58 vote Tuesday. It adds 38 tax havens to Maine's tax code and would require those that use them to report their corporate income tax like a Maine business would.

Democratic Rep. Adam Goode of Bangor, who's sponsoring the bill, says the move would provide Maine $10 million more in tax revenue over two years and that Montana and Oregon have implemented similar laws.

Critics say the measure, which faces further House and Senate votes, will discourage companies from coming to Maine and that it's an issue that should be dealt with at the federal level.


 

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