Maine LD 341: An Act To Prevent Tax Haven Abuse

LD 341 (subjects: INCOME TAX , CORPORATIONS )

Official bill page at mainelegislature.org: http://www.mainelegislature.org/legis/bills/display_ps.asp?ld=341&PID=1456&snum=127


Sponsors | Actions | Bill Text | Patterns of Support


Sponsors

Principal Sponsor: Rep. Ryan Tipping-Spitz of Orono: (D – District 123) — e-mail | Twitter | Facebook

9 Cosponsors:

Actions

Chamber

Action
2/10/2015 House Committee on Taxation suggested and ordered printed.
The Bill was REFERRED to the Committee on TAXATION.
Sent for concurrence. ORDERED SENT FORTHWITH.
2/12/2015 Senate On motion by Senator McCormick of Kennebec, REFERRED to the Committee on Taxation, in concurrence.
4/29/2015 House Reports READ.
Representative GOODE of Bangor moved to ACCEPT the Minority Ought to Pass as Amended Report.
On further motion of the same Representative TABLED pending his motion to ACCEPT the Minority Ought to Pass as Amended Report.
Later today assigned.
4/29/2015 House Unfinished Business
4/30/2015 House Unfinished Business
5/5/2015 House Unfinished Business
5/6/2015 House Unfinished Business
5/7/2015 House Unfinished Business
5/12/2015 House Unfinished Business
5/13/2015 House Unfinished Business
5/14/2015 House Unfinished Business
5/19/2015 House Unfinished Business
5/20/2015 House Unfinished Business
5/21/2015 House Speaker laid before the House
Subsequently, the Minority Ought to Pass as Amended Report was ACCEPTED.
ROLL CALL NO. 90
(Yeas 81 – Nays 67 – Absent 3 – Excused 0)
The Bill was READ ONCE.
Committee Amendment “A” (H-97) was READ and ADOPTED.
Under suspension of the rules, the Bill was given its SECOND READING without REFERENCE to the Committee on Bills in the Second Reading.
The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment “A” (H-97).
Sent for concurrence. ORDERED SENT FORTHWITH.
5/26/2015 Senate Reports READ.
On motion by Senator McCORMICK of Kennebec the Majority Ought Not to Pass Report ACCEPTED, , in NON-CONCURRENCE.
Roll Call Ordered Roll Call # 88 19 Yeas – 15 Nays- 1 Excused – 0 Absent PREVAILED
Ordered sent down forthwith for concurrence.
5/27/2015 House The House INSISTED on ACCEPTANCE of the Minority Ought to Pass as Amended Report and PASSAGE TO BE ENGROSSED as Amended by Committee Amendment “A” (H-97).
ORDERED SENT FORTHWITH.
5/28/2015 Senate On Motion by McCORMICK of Kennebec The Senate INSISTED To ACCEPTANCE of the Majority OUGHT NOT TO PASS Report , in NON-CONCURRENCE.
Placed in Legislative Files (DEAD).

Bill Text

.

An Act To Prevent Tax Haven Abuse

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 36 MRSA 5200, sub- 5, as enacted by PL 2005, c. 457, Pt. FFF, 1 and affected by 2, is repealed and the following enacted in its place:

5. Net income. For purposes of this section, “net income” means for any taxable year the total of the following as modified by section 5200-A:

A. The taxable income of the taxpayer for that taxable year under the laws of the United States; and
B. The taxable income or loss of any corporation that is a member of a unitary group and that is incorporated in any of the following jurisdictions: the Principality of Andorra, Anguilla, Antigua and Barbuda, Aruba, the Commonwealth of the Bahamas, the Kingdom of Bahrain, Barbados, Belize, Bermuda, the British Virgin Islands, the Cayman Islands, the Cook Islands, the Republic of Cyprus, the Commonwealth of Dominica, Gibraltar, Grenada, the Bailiwick of Guernsey, the Republic of Ireland, the Isle of Man, the Bailiwick of Jersey, the Republic of Liberia, the Principality of Liechtenstein, the Grand Duchy of Luxembourg, Malta, the Republic of the Marshall Islands, the Republic of Mauritius, the Principality of Monaco, Montserrat, the Republic of Nauru, the Caribbean Netherlands, Niue, the Independent State of Samoa, the Republic of San Marino, the Republic of Seychelles, the Federation of St. Christopher and Nevis, St. Lucia, St. Vincent and the Grenadines, the Turks and Caicos Islands, the United States Virgin Islands and the Republic of Vanuatu.

Sec. 2. Rules. The State Tax Assessor shall adopt rules to determine the income or loss for a corporation that is a member of a unitary group that is not otherwise required to file a consolidated federal return and to prevent double taxation or double deduction of any amount included in the computation of net income under the Maine Revised Statutes, Title 36, section 5200, subsection 5. Rules adopted pursuant to this section are major substantive rules as described in Title 5, chapter 375, subchapter 2-A.

Sec. 3. Application. This Act applies to tax years beginning on or after January 1, 2016.

SUMMARY

This bill requires corporations that file unitary income tax returns in Maine to include income from certain jurisdictions outside the United States in net income when apportioning income among tax jurisdictions. The State Tax Assessor is required to adopt major substantive rules to determine the income or loss attributable to such corporations and to prevent double taxation or deduction of income.

Patterns of Support

Pattern of Cosponsorship by Region:

Pattern of Cosponsorship by Gender:

Pattern of Cosponsorship by Party:

Pattern of Cosponsorship by Campaign Finance Classification:

Note: Maine Clean Elections Act (MCEA) Qualified candidates only accept a small dollar value of initial contributions early in their campaigns, pledge not to accept further campaign contributions from private sources, and receive public funding for their campaigns. MCEA Non-Qualified candidates choose not to obtain public funding and instead are free to accept campaign contributions from individuals, party committees, political action committees and business sources.


This information about LD 341 was last updated on 2016-05-12.
The Open Maine Politics website is in a beta release and results should not be taken as definitive. Please visit the official website of the Maine State Legislature for entirely verifiable information.

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