RELATING TO TAX HAVEN ABUSE.
Sponsored By: Amy A. Perruso (Democratic)
Filed
Summary
Part I: Effective 1/1/2026, requires corporations to include in their income the income of all foreign subsidiaries to the State; applies the State's apportionment formula to determine the share of reported profits subject to the appropriate tax, which shall be deposited into the state general fund; and requires corporations to report all profits, losses, revenues, and inter-company transactions made and all taxes paid in other states. Part II: Establishes within DOTAX a Corporate Tax Law Task Force to annually review the State's corporate tax laws and recommend updates to close tax loopholes.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Amy A. Perruso
Democratic • House
Cosponsors
Della Au Belatti
Democratic • House
Tina Nakada Grandinetti
Democratic • House
Kim Coco Iwamoto
Democratic • House
Lisa Marten
Democratic • House
Chris Todd
Democratic • House
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Carried over to 2026 Regular Session.
12/8/2025Introduced and Pass First Reading.
1/21/2025HouseReferred to ECD, CPC, FIN, referral sheet 2
1/21/2025HousePending introduction.
1/17/2025House
Bill Text
Original
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