An Act relative to closing offshore corporate tax loopholes

This bill amends Massachusetts tax law to close loopholes that allow corporations to avoid taxes by shifting profits offshore. It requires companies that form combined groups for tax purposes to calculate their state tax liability based on the income and business activities of all group members, regardless of where those members are located. The change ensures that every entity within a corporate group contributes its fair share of taxes to the state, preventing them from using complex structures to reduce their tax burden. This policy directly affects large corporations operating in Massachusetts that currently utilize combined group reporting methods to minimize state tax payments.