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Article: Corporate Tax Shelters Cost Carolinas $381 Million in 2001, Report Says.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- July 16, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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 ...