What is GILTI? Massachusetts could reclaim hundreds of millions of tax dollars a year by adopting the federal approach to the GILTI (Global Intangible Low-Taxed Income) provision. The GILTI provision identifies U.S. profits shifted by multinational corporations to overseas tax havens, like the Cayman Islands, and includes a portion of those shifted profits in tax […]| Mass. Budget and Policy Center
Building off of a recent analysis performed by the Institute on Taxation and Economic Policy (ITEP), MassBudget estimates that adopting a robust and well-enforced provision requiring multinational corporations to include 50 percent of GILTI (Global Intangible Low-Taxed Income) in their state tax calculations would generate over $400 million a year for the Commonwealth.| Mass. Budget and Policy Center
MassBudget analyzed a recent data report by The Council on State Taxation (COST) - a Washington DC based trade association representing over 500 multistate and multinational corporations – that examines the full set of state and local taxes paid by businesses in each of the 50 states. How does Massachusetts fare and what should that mean for our state's tax policy?| Mass. Budget and Policy Center
The share of state taxes paid by corporations has fallen markedly since the 1980s. Meanwhile, they've collected a growing share of all income generated in the U.S. Changes to corporate tax policy can improve fairness, racial equity, and state competitiveness.| Mass. Budget and Policy Center
Changing the state approach to Global Intangible Low-Taxed Income would allow the Commonwealth to reclaim a sizable share of the tax revenue lost to international profit-shifting - allowing for transformative investments and a cushion against the impact of potential federal cuts.| Mass. Budget and Policy Center
