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Article: Corporate tax loopholes cost millions
- Article from:
- Capital (Annapolis)
- Article date:
- May 4, 2004
- Author:
CopyrightCopyright 2004 Capital (Annapolis). Provided by ProQuest LLC. (Hide copyright information)
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The Toys R Us giraffe has his own company, and according to the
Maryland Comptroller's office, has helped his bosses evade millions
in taxes.
Geoffrey Inc., one of the giant retailer's three Delaware-based
subsidiaries, helped shave $1.3 million off Toys R Us' 1994 Maryland
tax bill, the latest year records were available.
This Delaware loophole, long exploited by some corporations to
avoid paying state taxes, was closed this year by the General
Assembly in Annapolis. But that bit of Maryland's flimsy business tax
code is just one of many that critics say big corporations' lawyers
and accountants are exploiting to avoid paying their fair share.
If corporate income taxes are any indicator, ...