Twenty-six banks have agreed to pay a total of $23 million in back taxes stemming from their use of Nevada tax shelters, and state tax officials said more settlements are imminent.
The back-tax total announced Monday was the first released by the Wisconsin Department of Revenue since it began a crackdown this year on the practice by many banks of shifting some of their income-earning assets, such as loans and bonds, to subsidiaries in Nevada.
This doesn’t seem like a whole lot of money given the size of the banks, perhaps it’s more of a PR deal.