Maine bill seeks taxes on profits held overseas
Maine’s Democratic-led Senate has endorsed a bill designed to block multinational corporations from avoiding paying state taxes by holding their profits in overseas tax havens.
The Senate followed the actions of the House on Wednesday to give initial approval to the bill with a 19-15 vote. The measure faces final votes in both chambers.
The measure would require companies to include profits held overseas when reporting their corporate income tax to the state. It’s expected to generate $10 million in new revenue over two years.
Supporters say big companies should be required to pay all the taxes they owe, just like small businesses. But opponents said that it unfairly targets some countries and will cause companies to leave Maine.
Maine heating oil price drops to $3.71 per gallon
The Maine Governor’s Energy Office reports the statewide average cash price for heating oil for the week that ended Monday was $3.71.
The office reported the price was down 4 cents from last week and 9 cents from two weeks ago. The office also reported the average statewide propane price was down to $3.40 per gallon and kerosene down to $4.17 per gallon.
Heating oil averaged $3.61 per gallon, propane $2.75 per gallon and kerosene $4.07 per gallon at this time last year. The governor’s office reported that high demand for fuel this winter caused energy prices to climb.
Maine’s heating oil average was lowest in New England. Connecticut had the highest in the region at an average of $4.15 per gallon.
Chrysler recalling Jeeps, Durangos for brakes issue
Chrysler is recalling nearly 870,000 SUVs because corrosion may make the vehicles’ brakes harder to use.
Jeep Grand Cherokee and Dodge Durango SUVs from the 2011 through 2014 model years are involved.
Chrysler says crimp joints in the brake boosters can corrode if they’re exposed to water. If the water freezes, the boosters won’t aid braking as they usually do.