An Act To Improve Maine's Tax Laws

CONCEPT DRAFT SUMMARY

This bill is a concept draft pursuant to Joint Rule 208.

This bill proposes to improve the tax laws by:

1. Amending the law to reduce the use of so-called off-shore tax havens, thus reducing the loss of revenue to the State; and

2. Establishing a task force to undertake a comprehensive analysis of the biennial report of tax expenditures prepared by the Department of Administrative and Financial Services, Bureau of Revenue Services pursuant to the Maine Revised Statutes, Title 36, chapter 10. The task force shall identify any tax expenditures that may be reduced or eliminated with the goal of achieving a targeted savings of $30,000,000 in fiscal year 2014-15.