LD1120 - Tax Havens

(2014)

An Act To Improve Maine’s Tax Laws

Sponsored by Sponsored by: Rep. Adam Goode (D-Bangor)

What is the bill?

Multinational corporations avoid paying taxes by hiding their money in off-shore tax havens. LD 1120 would have closed this loophole by requiring companies to file their taxes in Maine on money they house in 38 countries overseas known to be tax havens, like Lichtenstein, Luxembourg, and the Cayman Islands. The bill would recover $10 million for the State of Maine per biennial budget. Corporate tax dodgers put Maine people and small businesses at an unfair disadvantage and rob our state of needed revenue. This bill passed the Legislature and was vetoed by Governor LePage.

What happened?

Defeated (Passed by Legislature, Vetoed by Gov. LePage)

Votes