Uncategorized

New report: Legislation would encourage tax avoidance by large corporations

The N.C. Budget and Tax Center is out with a new brief this morning that critiques a legislative proposal to hamstring the state Department of Revenue and once more makes the case for the enactment of mandatory “combined tax reporting” by large corporations. This is from the news release that accompanied it:

“Undermining state tax enforcement is not the answer, report says

The real solution is mandatory combined reporting, which would protect North Carolina’s small business and stop costly tax avoidance

RALEIGH (June 23, 2010) — Gutting North Carolina’s ability to collect from corporations that deliberately underreport their in-state earnings would hurt small businesses and drain revenue from the state, a new report released this morning says.

Senate Bill 1172, ‘Fair Tax Penalties,’ would eliminate the state Department of Revenue’s ability to levy penalties after determining that the parent company and its affiliates did not accurately report their true earnings.

‘Taking away the Department of Revenue’s authority to levy tax penalties would just encourage aggressive tax avoidance by large, multi-state corporations,’ said Elaine Mejia, director of the NC Justice Center’s Budget & Tax Center and author of the report. ‘This puts North Carolina’s locally-owned small businesses at a major disadvantage.'”

Read the full report here.

Check Also

Policy Watch takes home seven NC Press Assn. awards; Sorg wins prestigious freedom of information honor

The reporting and commentary team at NC Policy ...

Top Stories from NCPW

  • News
  • Commentary

Any protection the courts offer Dreamers is temporary, but all eyes are on the U.S. Supreme Court to [...]

The good news is that the levels of GenX in Wilmington’s drinking water is testing consistently belo [...]

This week NC Child and the NC Institute of Medicine release the 2018 Child Health Report Card, an an [...]

North Carolina’s public school system is one of the lowest funded in the nation when adjusted for co [...]

In “Lessons on political speech, academic freedom, and university governance from the new North Caro [...]

Cracks are forming in the NRA’s death grip on American politics At some point, it’s going to happen. [...]

As the General Assembly wraps up its weirdly timed and generally ill-conceived winter session, it wo [...]

The post Dumb & Dumber & Dumbest appeared first on NC Policy Watch. [...]