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Gov. Proposes Biz Tax Cut

In a bid to win support for his propsal to close so-called corporate tax loopholes, Governor Deval Patrick is proposing a 1 percent cut to tax rates for businesses.

In the state budget Patrick is set to unveil next week, he will propose dropping the state's corporate tax rate from 9.5 percent, to 8.3 percent over two years.

Patrick said it taxes will go down for about 20,000 companies, and up for around 3,000 others, most of which are located outside of Massachusetts.

"This is going to generate a sustainable source of revenue to address the structural defecit we have," said Patrick.

The state faces a possible budget shortfall of more than $1 billion.

This program aired on January 17, 2008. The audio for this program is not available.

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