This proposed law would require certain banks, insurance companies and publicly-traded corporations to file annual reports with the Massachusetts Secretary of State listing information from their state tax returns, including profit, income, corporate income tax due, deductions, exemptions and credits. These reports would be made public. This provision would apply only to those banks, insurance companies and publicly-traded corporations required by federal and other Massachusetts laws to disclose information concerning their federal tax payments.

The proposed law would also require the annual release by state officials of a detailed analysis of certain tax expenditures enacted or changed after January 1, 1988. State law defines a tax expenditure as an exemption, exclusion, deduction, or credit that results in less corporate, sales, or income tax revenue for the state. This analysis would be required only for tax expenditures with an annual revenue impact of $1,000,000 or more. The analysis would include information on the actual revenue loss, as well as the number and proportion of taxpayers or taxpaying entities benefiting from the tax expenditure, according to income, profit, receipts or sales.