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Professor David Gamage, along with co-author Darien Shanske of the University of California-Davis School of Law, published an article in the September issue of Tax Notes State.
This essay argues that U.S. states should adapt their tax codes to capture revenue from multinational corporations that artificially shift profits to overseas tax havens – a practice that costs states billions in lost tax revenue annually. The authors explain that a recent federal tax reform (converting GILTI to NCTI) strengthened tools to combat this profit shifting. The essay then explains why and how state governments should conform to this federal tax law reform to strengthen state level corporate income taxes. Read the full article here.