Closing Corporate Tax Loopholes with Combined Reporting

The Food & Business Tax Fairness Act (SB0502/HB1350 by Sen. Tim Burchett and Rep. Charles Sargent), would end a wide range of tax evasion strategies, that allow large, multi-state corporations to avoid paying the same taxes that our locally-owned and operated businesses must pay. Part of the revenue recovered from this reform would be used to pay for a modest reduction in the state food tax with the balance going to help meet the current budget shortfall.

Campaign Updates

Resolution requires combined reporting study

Support for Plan

Closing Loopholes

Food Tax Reduction

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May 6, 2008

The Food & Business Tax Fairness Campaign

The Food & Business Tax Fairness Act will help us make progress on both fronts... fairness and adequacy. As drafted, the bill will:

Close a series of corporate tax loopholes, adding fairness to our business taxes, by adopting combined reporting as 22 other states representing over half the US economy already use.
Reduce the state food tax from 5.5% to 4.5% (local governments can add up to 2.75% to the state rate), building on last year's victory.
Use the revenue remaining, estimated to be between $20 million and $150 million after the food tax cut is paid for, to help ease the current budget shortfall.