Nixing Corporate Loophole Could Yield States Billions: PIRG

Law360, New York (January 30, 2014, 3:37 PM EST) -- U.S. states could collectively gather billions in sorely needed revenue and provide a blueprint for the federal government’s offshore tax avoidance efforts if they close their popular “water’s edge” corporate tax loopholes, states a report released Thursday by the U.S. Public Interest Research Group.

National attention concerning offshore tax havens is largely focused on the impact they have on the federal budget, but the consumer group says the impact is just as devastating on state budgets, since state tax codes often are tethered to federally defined...
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