HB 502 (2025)
Revise business tax calculations to collect more revenue from multinational corporations, other revisions to education property tax system
Makes various changes to the state's taxes and tax credits, particularly related to school funding. First, this bill repeals the water's edge combined group provisions of the Business Profits Tax. The bill also sends all of the revenue from the statewide education property tax to the Education Trust Fund, rather then letting towns keep whatever they raise from the statewide tax. According to the Legislative Intent written at the beginning of this bill, "The water’s edge method promotes tax havens like Bermuda and Luxembourg and encourages the shifting of profits from the United States to foreign tax havens. ... It is the intent of the return to complete corporate reporting to provide substantial property tax relief by restoring the competitive balance between domestic companies and multinational enterprises and dedicating any additional revenue to the education trust fund."
