September 14, 2004

Banks & State Taxes

Paul Gores:

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.

Posted by James Zellmer at September 14, 2004 12:52 AM | Subscribe to this site via RSS:
Posted to Taxes