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Tax Haven Bill Awaits Funding

| April 7, 2014

Tax Filing

AUGUSTA, Maine (AP) – A bill that’s designed to prevent multinational corporations from avoiding paying state taxes by holding their profits in overseas tax havens is among many awaiting final approval in the Legislature due to funding.

The Senate placed the bill Monday on the Appropriations Table, where bills with fiscal notes await decisions on whether they’ll be funded.

The bill would cost nearly $500,000 over two years for a tax analyst and other expenses. It’s also expected to generate $10 million in extra revenue for the state.

Other measures waiting funding include one that would expand private insurance treatment for autism to more Maine children. Another would overhaul the state’s concealed handgun permit system.

Given the limited money available, some of the bills die because there’s no way to pay for them.

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