Dimasi Against Closing Cororate Loopholes

The Massachusetts speaker of the house is criticizing Governor Deval Patrick's proposed budget, saying it will make growth more difficult for businesses.

With the state facing a $1.3 billion deficit in the coming fiscal year, Patrick says closing so-called corporate tax "loopholes," would net Massachusetts hundreds of millions of dollars in new revenue.

Speaker Salvatore Dimasi says the change is really just a tax on businesses, and might stall business's plans to create new jobs or expand in Massachusetts.

DiMasi says the House's version of the budget, which will be released in April, does not rely on new revenue from businesses.

Instead, DiMasi proposes bridging the spending gap with budget cuts and with funds from the state's "rainy day" account.

The Patrick Administration has not yet responded to DiMasi.