BOSTON (WWLP) – Massachusetts lawmakers are considering a new bill that could increase state revenue by raising taxes on large corporations’ excess foreign profits.
The proposed legislation aims to increase the tax rate on Global Intangible Low-Taxed Income (GILTI) from 5% to 50%, potentially generating an additional $400 million annually for the state.
The bill, introduced by a Springfield representative, seeks to address the issue of major corporations moving money to offshore accounts to avoid paying taxes. This practice, according to proponents of the bill, shifts the tax burden onto smaller businesses and individuals…