An Act Regarding Corporate Income Tax Disclosure
Sec. 1. 13-C MRSA §1624 is enacted to read:
§ 1624. Annual tax disclosure statement
(1) Total receipts of the affiliated group of which the corporation is a member;
(2) Total cost of goods sold claimed as a deduction from gross income by the affiliated group of which the corporation is a member;
(3) Taxable income of the corporation and the affiliated group of which the corporation is a member prior to net operating loss deductions or apportionment;
(4) Property, payroll and sales apportionment factors of the corporation and the overall apportionment factor as calculated on the combined report;
(5) Total business income and nonbusiness income of the corporation apportioned to the State;
(6) Net operating loss deduction, if any, of the corporation apportioned to the State;
(7) Total tax before credits;
(8) Each tax credit claimed and accumulated tax credit carry-overs, enumerated by credit;
(9) Alternative minimum tax due; and
(10) Tax due and tax paid including tax paid under protest;
Sec. 2. 36 MRSA §191, sub-§2, ¶U-1 is enacted to read:
Sec. 3. Application. This Act applies to tax years beginning on or after January 1, 2014.
This bill requires a corporation that files a tax return with the State to file a tax disclosure statement with the Secretary of State. It requires the Secretary of State to adopt major substantive rules for the content of the tax disclosure statement, an alternative tax disclosure statement, procedures and fees to provide public access to the tax disclosure statements, oversight and penalties for failing to file or filing an inaccurate tax disclosure statement. It permits a corporation that files a tax disclosure statement to submit supplemental information that could facilitate proper interpretation of the information included in the tax disclosure statement. It requires a corporation that files an amended tax return or with a tax liability that is changed as the result of an uncontested audit adjustment or final determination by the Department of Administrative and Financial Services, Bureau of Revenue Services, the Maine Board of Tax Appeals or Superior Court to file a revised tax disclosure statement within 60 calendar days of filing the amended return or the final determination. It requires the Secretary of State to make the tax disclosure statement available to the public on an ongoing basis in the form of a searchable database accessible through the Internet. It requires the chief operating officer of a corporation to attest in writing to the accuracy of the tax disclosure statement. It requires the Bureau of Revenue Services to act as the agent of the Secretary of State to audit a corporation's tax disclosure. It requires the Secretary of State to publish the name of and penalty imposed upon a corporation subject to a penalty for failing to file or filing an inaccurate tax disclosure statement. It permits the disclosure by employees of the Bureau of Revenue Services to designated representatives of the Secretary of State of information required by the Secretary of State for the administration of the tax disclosure statement.