Corporate tax credits targeted by Senate
Antonio Caban/SHNS
The Senate will debate corporate tax credits as part of their economic development bill.
Executives whose pay dwarfs that of their workforce could be constrained from obtaining corporate tax credits in Massachusetts under one of several tax-related proposals up for debate in the Senate Thursday.
Considered by Senate leadership to be a "money bill" where matters of tax policy can be changed, the economic development bill has a number of amendments pending that would change the state's tax structures.
Sen. Jason Lewis's amendment would bar financial institutions and publicly traded companies whose top paid employee makes more than 100 times the median wage of the business's employees from being eligible for corporate tax credits.
Sen. Bruce Tarr, the Republican minority leader from Gloucester, proposed one amendment addressing the estate tax valuation for farms and another that would exempt cities and towns from having to pay taxes on gasoline.
Sen. Jamie Eldridge proposed a prerequisite for companies receiving at least $1 million in tax expenditures through the Economic Development Incentive Program that those corporations pay all employees at least $15 per hour.
In total, 213 amendments were filed by Wednesday's deadline, though a few were quickly withdrawn.
The bill (S 2423) written by the Senate Committee on Ways and Means includes an increase in the earned income tax credit paired with a provision to apply hotel taxes to Airbnb and other online vacation rentals.
WBJ Web Partners
Most Recent
Most Recent
0 Comments