An Act To Close Maine'S Tax Loophole For Offshore Profit Shifting

Summary

The bill adds a worldwide combined reporting rule to Maine tax law, forcing unitary businesses with over $1 billion in revenue, those subject to the federal corporate AMT, or those covered by OECD anti‑avoidance rules to file one return that includes all of their income, both in‑state and abroad. It also lets other taxpayers opt into the system for ten years. The goal is to stop corporations and partnerships from moving profits offshore to avoid Maine taxes.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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