AUGUSTA — Maine’s Democratic-led Senate has endorsed a bill designed to block multinational corporations from avoiding paying state taxes by holding their profits in overseas tax havens.
The Senate followed the actions of the House on Wednesday to give initial approval to the bill with a 19-15 vote. The measure faces final votes in both chambers.
The measure would require companies to include profits held overseas when reporting their corporate income tax to the state. It’s expected to generate $10 million in new revenue over two years.
Supporters say big companies should be required to pay all the taxes they owe, just like small businesses. But opponents said that it unfairly targets some countries and will cause companies to leave Maine.
Send questions/comments to the editors.
