A bill that aims to prevent multinational companies operating in Maine from avoiding state taxes by holding profits in overseas accounts will require state funding before it clears the Legislature.
The Associated Press reported that the bill would cost an estimated $500,000 over two years and generate around $10 million in new revenue. It awaits a funding decision alongside many other bills before the Legislature’s appropriations committee.
Opponents of the bill said that it stands to drive companies to leave the state.
