An Act to Close Maine's Tax Loophole for Offshore Profit Shifting

This bill, "An Act to Close Maine's Tax Loophole for Offshore Profit Shifting," creates a new requirement for certain large businesses to report their worldwide combined income for tax purposes. This applies to unitary businesses with over $1 billion in gross revenues, those subject to the federal corporate alternative minimum tax, or those under specific international tax rules. The goal is to ensure a more accurate reflection of business activity in Maine and prevent tax avoidance through offshore profit shifting.

No official summary on file for this bill · generated by Gemini 2.5 Flash from its full text