In an effort to avoid devastating cuts to unrestricted local aid to cities and towns across the Commonwealth, House Minority Leader Bradley H. Jones, Jr. (R-North Reading) today announced that he will file legislation to offer a tax amnesty program for corporations. If approved by the Legislature, a corporate tax amnesty program will yield an estimated $15 to $20 million in overdue tax liabilities.
and towns should be the last place state government looks to cut costs,” said
Representative Jones. “If approved by the Legislature, a corporate tax amnesty
program will not only yield funds that may otherwise have been forgone, but
also ensure that municipalities around the Commonwealth will not be forced to
unfairly bear the burden of Governor Patrick’s poor budgeting practices.”
effort to recoup otherwise forgone tax revenue from Massachusetts corporations
comes on the heels of Governor Patrick’s announcement that he will seek to
reduce unrestricted local aid to cities and towns by $25.5 million.
amnesty program will be made available to businesses organized as corporations.
Limited Liability Corporations, S-Corporations, Financial Institutions, and
others will be able to settle long-outstanding tax liabilities without being
assessed penalties. Corporations will have a designated two-month window to
take advantage of the program.
similar proposal offered by House Minority Leader Brad Jones during debate on
the Fiscal Year 2015 state budget, the Department of Revenue has since
collected $39 million in outstanding tax liabilities owed by taxpayers across
the Commonwealth, with a final figure expected in the coming days.