Bloomberg Tax: ‘Sham Transactions’ Trigger States to Crack Down on Tax Havens

Some lawmakers in Hawaii want worldwide reporting to become a hard requirement under H.B. 441 and S.B. 1302, which would transition the state beginning Jan. 1, 2022. The preamble of the legislation points to a 2019 report by the Institute on Taxation and Economic Policy that found offshore tax havens cost Hawaii $38 million annually. Read more