Senate nixes tax cut referendum bill, endorses tax haven bill
The Maine Senate passed a bill aimed at blocking multinational companies from avoiding state taxes by holding profits in overseas accounts and turned down Gov. Paul LePage’s proposal to ask voters if they want the government to cut government spending and taxes.
The Associated Press reported the Senate approved in a 19-15 vote a bill that would require companies to include profits held overseas when reporting corporate income to the state. Supporters expect the bill would generate $10 million in tax revenue over two years and say companies should pay all the taxes they owe. Opponents argue the bill would drive some companies to leave the state.
Separately, the AP reported the Senate turned down in a 21-13 vote a bill to ask voters if they want to lower income tax rates, implement alternative taxes and reduce overall tax revenues and government spending by at least $100 million. Supporters said voters should have a say on taxes and government spending, and the proposal would make the state more economically competitive and help boost employment. Opponents have said voters make those decisions when voting for representatives in Augusta.
Both bills now go to the House.
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