BOSTON - The Massachusetts House of Representatives has overwhelmingly approved legislation to cut the state's 12.54% bank tax to 10.5%, the same rate applied to other corporations.

Approval followed defeat of an amendment requiring institutions to report all income, including that earned out-of-state, and then apportion a percentage to Massachusetts operations as taxable state income. The proposal was designed to prevent multistate banks from shifting costs and profits to other states to avoid Massachusetts' taxes.

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