Media Coverage: Chamber’s Business Tax Proposals

On Thursday, the Chamber unveiled four specific proposals geared towards enhancing the competiveness and economic potential of Massachusetts’s corporate tax structure:

  1. Adopting the elective single sales factor for all industries, so the tax code doesn’t penalize companies for locating facilities and jobs in Massachusetts, thereby increasing the incentive to locate jobs here;
  2. Adopting net operating loss (NOL) carryforwards for the state’s financial services and utility sectors, placing these key sectors on an equal footing with all other Massachusetts sectors and with their peers in nearly every other state;
  3. Aligning the state’s economic substance doctrine, which is extreme in both substance and process, with related federal provisions to make the tax process clearer and more predictable for companies in all industries;
  4. Phasing-out the balance sheet tax, a second corporate tax on inventories and financial assets that few comparable states utilize, and which must be paid even if a company is losing money or the economy is in a steep recession.

The media has been abuzz with the proposals, which was part of a report conducted with PricewaterhouseCoopers US. See all the coverage from the past day: