Massachusetts Senate Bill S1875

Massachusetts 2023-2024 Regular Session

• Introduced: 2/16/23
• Refer: 2/16/23

Caption

To require public disclosures by publicly-traded corporate taxpayers

Impact

If passed, the bill would significantly alter the current landscape of corporate taxation in Massachusetts by ensuring that information about taxpayer compliance is openly available. Reports related to corporate filings would be transitioned to a searchable online database, therefore promoting a culture of transparency and accountability within the corporate sector. This change is expected to facilitate better government oversight and enable citizens to hold corporations accountable for their contributions to state revenues.

Summary

S1875, introduced by Senator Liz Miranda and other members of the Massachusetts General Court, proposes to require public disclosures by publicly-traded corporate taxpayers. The bill focuses on enhancing transparency in corporate taxation by amending specific sections of Chapter 62C of the Massachusetts General Laws. The primary aim is to make corporate tax reports accessible to the public by removing certain confidentiality provisions that previously concealed the names and addresses of corporations from public inspection.

Contention

Notably, there may be concerns from various stakeholders regarding the bill's implications. Proponents argue that increased public access to tax information would level the playing field and ensure that corporations cannot easily evade their responsibilities. Meanwhile, critics may express concerns about privacy or the potential for competitive disadvantage, as well as the logistical challenges associated with implementing such a system. Balancing corporate confidentiality with the public's right to know is likely to be a key point of discussion as the bill progresses.