Patrick Plan Gets Quick Boost

Published Feb 22 2007, 08:07 PM by David S. Bernstein

Today at 2:07pm (according to my email system), Deval Patrick sent out a press release announcing his "Property Tax Relief Plan." Said plan is a tax credit for some home owners with limited income.

To pay for it, the release goes on, Patrick will file a bill to close corporate-tax "loopholes," to the tune of roughly $300 million. A large chunk of that comes from "combined reporting," which is meant to tax income that corporations try to shift to its subsidiaries in lower-tax states.

At 2:32pm, the Massachusetts Budget and Policy Center sent out a press release announcing two new reports about corporate taxation, one finding that Massachusetts's businesses are currently under-taxed compared to other states, and the second explaining the purpose and benefits to a state of combined reporting.