Article: Corporate Tax Shelters Cost Carolinas $381 Million in 2001, Report Says.

By Charles Lunan, The Charlotte Observer, N.C. Knight Ridder/Tribune Business News

Jul. 16--State governments already in financial trouble are losing billions of dollars in business taxes nationwide because the money is hidden in corporate tax shelters, according to a new report released Tuesday.

In the Carolinas, the practices cost the states treasuries $381 million in 2001, or 41 percent of what they actually collected in corporate state income taxes, the Multistate Tax Commission reported Tuesday. Nationally, somewhere between $8.3 billion and $12.4 billion in corporate income taxes were diverted from state governments that year, the ...

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