Last week, after the Massachusetts Senate and House voted to close corporate tax loopholes, Governor Deval Patrick signed into law the corporate tax reform bill on July 3rd, 2008. This new law has injected a new sense of fairness into our tax system and will also add much-needed revenues for the Commonwealth. The legislation will raise nearly $300 million in revenue from large corporations in FY2009, and is projected to bring in approximately $160 million annually over the long term, offering crucial support for public programs such as education, health care, and our infrastructure.

 Additionally, the legislation will level the playing field for smaller businesses by making sure multi-state corporations are required to pay their fair share. Click here to read a statement by President Robert J. Haynes issued after the House and Senate vote to close corporate loopholes.

With the Governor’s signing of the corporate tax reform bill into law, Massachusetts now has a more modernized corporate tax code, one that more appropriately reflects the needs of the Commonwealth. The Massachusetts AFL-CIO is grateful to the Legislature and to Governor Patrick for establishing a more fundamentally fair and just tax system in the Commonwealth, one that will help maintain the vital public services that keep Massachusetts strong.