Publication Date: June 2008
Publisher: Center on Budget and Policy Priorities (Washington, D.C.)
Author(s): Michael Mazerov
Research Area: Banking and finance
Keywords: Tax code; State budgets; Economic projections; Corporate taxes
Congress is considering a bill (known as "BATSA" that would eliminate states' authority to tax a fair share of the profits of many corporations that are based out-of-state but do business within their borders. The bill's new restrictions on state and local taxing authority would have far-reaching, adverse impacts on the revenue-generating capacity and fairness of state and local tax systems.