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Article: Study: Corporate Tax Sheltering Linked to As Much As $12.4 Billion in Lost State Tax Revenues; Estimate is Equal to 35 Percent of All 2001 State Corporate Income Tax Collections; Lost Revenue Identified in 45 of 50 States & DC, With CA, IL, TX and PA Hit Hardest.
- Article from:
- PR Newswire
- Article date:
- July 15, 2003
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WASHINGTON, July 15 /PRNewswire/ -- Corporate tax sheltering reduced state corporate income tax revenues by more than a third in 2001, according to a new national study from the Multistate Tax Commission (MTC). The findings indicate that state corporate income tax revenue, which totaled $35.4 billion in 2001, would have been as much as $12.38 billion (or 35 percent) higher had such widespread tax sheltering of income not taken place.
The MTC analysis comes at a point when many state legislatures face a new fiscal year in which they will struggle with significant budget shortfalls estimated by the National Conference of State Legislatures at $78 billon and the ...