Corporate tax loopholes
I hadn’t been following this one that closely and was mostly aware of the counter-argument that said this initiative would drive businesses out of the state. Whoa, don’t do it! That was my initial reaction, since a commercial tax base and jobs are vital to our local economies. However, Senator Steve Panagiotakos brought this up at the Stand for Children informational meeting last month and gave two examples that seem like accounting chicanery that shouldn’t be allowed in any state: (1) Corporations place real estate holdings into a subsidiary entity and then sell the entity rather than the real estate itself to avoid the real estate transfer tax, and (2) Corporations get to avoid taxes by being classified as partnerships in one state and corporations in another state. There are more loopholes listed on http://devalpatrick.com/issue.php?issue_id=7593861. I say close ‘em!