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It shows that even when federal attention dominates, states lose revenue because state rules track federally defined taxable income. The report details Montana and Oregon’s approaches—combined reporting and closing the “water’s edge” loophole—to capture additional state tax revenue otherwise lost.",{"@graph":63,"@context":110},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/closing-the-billion-dollar-loophole-how-states-are-reclaiming-revenue-lost-to-offshore-tax-havens/304443/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/closing-the-billion-dollar-loophole-how-states-are-reclaiming-revenue-lost-to-offshore-tax-havens/304443.png","ImageObject",442,249,{"name":88,"@type":89},"Angel","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-21","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":73},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104],{"name":105,"@type":106,"acceptedAnswer":107},"What results does the report cite from Montana and Oregon’s actions?","Question",{"text":108,"@type":109},"The report notes that Montana has collected millions of dollars in additional tax revenue and that Oregon is expected to do the same as its new law takes effect in 2014. It also provides an example figure for Montana’s additional collections tied to closing the water’s edge loophole.","Answer","https://schema.org",{"og:url":78,"og:type":112,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":114,"canonical":78},"index,follow",{"doc_id":116,"site_id":56},304443,1790009898,{"code":4,"msg":5,"data":119},{"doc_id":116,"user_id":120,"nickname":88,"user_avatar":121,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":122,"file_id":123,"file_url":124,"file_type":125,"file_size":126,"view_count":76,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":127,"language":128,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":129,"faqs":130,"seo_title":131,"seo_description":61,"update_tm":132,"read_time":15},687207412472,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","Closing the Billion Dollar Loophole How States Are Reclaiming Revenue Lost to Offshore Tax Havens  \nClosing the Billion Dollar Loophole How States Are Reclaiming Revenue Lost to Offshore Tax Havens  \nNMPIRG  \nPhineas Baxandall, Dan Smith, Tom Van Heeke and Benjamin Davis, U. S. PIRG  \nWinter 2014  \nAcknowledgments  \nThe authors thank Dan Bucks, former Director of the Montana Department of Revenue and former Director of the Multistate Tax Commission, for providing guidance on this report’s methodology and details on state attempts to address offshore tax haven abuse.  \nThe authors bear any responsibility for factual errors. The recommendations are those of NMPIRG. The views expressed in this report are those of the authors and do not necessarily reflect the views of our funders or those who provided review.  \n 2014 NMPIRG. Some Rights Reserved. This work is licensed under a Creative Commons Attribution Non-Commercial No Derivatives 3.0 Unported License. To view the terms of this license, visit [creativecommons.org/licenses/by-nc-nd/3.0](creativecommons.org/licenses/by-nc-nd/3.0) .  \nWhen consumers are cheated or the voices of ordinary citizens are drowned out by special interest lobbyists, NMPIRG speaks up and takes action. We uncover threats to public health and wellbeing and fight to end them, using the time-tested tools of investigative research, media exposés, grassroots organizing, advocacy and litigation. NMPIRG’s mission is to deliver persistent, result-oriented public interest activism that protects consumers, encourages a fair, sustainable economy, and fosters responsive, democratic government. For more information, please visit our website [at www.nmpirg.org](at www.nmpirg.org).  \nLayout: Harriet Eckstein Graphic Design  \nCover Photo: Maksym Dykha, Shutterstock  \nDue to an error, an earlier version of Closing the Billion Dollar Loophole was mistakenly reported to have been written and produced by NMPIRG Education Fund. In actuality, NMPIRG wrote and produced Closing the Billion Dollar Loophole.  \nTable of Contents  \nExecutive Summary 1  \nIntroduction 4  \nOffshore Tax Havens Cost States Billions 6  \nStates Can Tax Corporate Revenues Held in 9  \nOffshore Havens by Updating their Tax Codes  \nCombined Reporting and the History of State Attempts to 9  \nClose Offshore Tax Loopholes  \nHow to Close the Water’s Edge Loophole 10  \nStates Have Collected Tax Revenue from Closing the Water’s Edge Loophole 11  \nAll States Should Close Offshore Tax Loopholes 13  \nand Recapture Revenue Lost to Offshore Tax Havens  \nMethodology 16  \nEstimating Additional Tax Revenue to Be Gained by Closing 16  \nthe Water’s Edge Loophole  \nCalculating State Tax Revenue Lost to Offshore Tax Havens 19  \nAppendix A: State-by-State Tax Revenue Lost 20  \nto Offshore Tax Havens  \nAppendix B: State-by-State Potential Additional Tax 21 Revenue Collected by Closing the Water’s Edge Loophole Appendix C: Full Text of Oregon House Bill 2460 22  \nExecutive Summary  \nE  \nvery year, corporations use complicated gimmicks to shift U.S. earnings to subsidiaries in offshore tax  \nhavens—countries with minimal or no taxes—in order to reduce their state and federal income tax liability by billions of dollars. Tax haven abusers benefit from America’s markets, public infrastructure, educated workforce, security and rule of law—all supported in one way or another by tax dollars. But they use tax havens to escape supporting these public structures and benefits. Ultimately, ordinary taxpayers end up picking up the tab, either in the form of higher taxes or cuts to public spending priorities.  \nWhile much attention is paid to the impact of tax haven abuse on federal revenue, offshore tax havens also reduce state revenue because state tax codes are often tethered to federally defined taxable income. With Congress often gridlocked, states should take action to reduce the impact of offshore tax havens on state budgets.  \nMontana and Oregon have passed laws to curb offshore tax have","cbCain7nIYMPNx0M","https://ap.wps.com/l/cbCain7nIYMPNx0M","pdf",742963,34,"English","# Executive Summary\n# Introduction\n# Offshore Tax Havens Cost States Billions\n# States Can Tax Corporate Revenues Held in Offshore Havens by Updating their Tax Codes\n## Combined Reporting and the History of State Attempts to Close Offshore Tax Loopholes\n# How to Close the Water’s Edge Loophole\n# Methodology\n## Estimating Additional Tax Revenue to Be Gained by Closing the Water’s Edge Loophole\n## Calculating State Tax Revenue Lost to Offshore Tax Havens\n# Appendix A: State-by-State Tax Revenue Lost to Offshore Tax Havens\n# Appendix B: State-by-State Potential Additional Tax Revenue Collected by Closing the Water’s Edge Loophole\n# Appendix C: Full Text of Oregon House Bill 2460","[{\"question\":\"What results does the report cite from Montana and Oregon’s actions?\",\"answer\":\"The report notes that Montana has collected millions of dollars in additional tax revenue and that Oregon is expected to do the same as its new law takes effect in 2014. It also provides an example figure for Montana’s additional collections tied to closing the water’s edge loophole.\"}]","Closing the Billion Dollar Loophole - How States Are Reclaiming Revenue Lost to Offshore Tax Havens | PDF",1789813471]