Taxing Problem for Comcast in Mass.

Author:
Updated:
Original:

The Massachusetts Department of Revenue claimed that Comcast owes some $250 million in taxes as a result of the $11.8 billion acquisition of Continental Cablevision in 1996, according to the Boston Globe.

The Comcast tax dispute -- believed to be the largest single tax case in Massachusetts history -- was filed last month with the Massachusetts Appellate Tax Board, the Globe reported.

The Department of Revenue claimed that Comcast used a series of sham transactions to avoid a huge tax bill, and its claims for back taxes range from $259 for a Comcast unit in Needham to $52.6 million for a local telephone provider, according to the Globe.

“Comcast pays well over $100 million in taxes and fees every year to Massachusetts and its cities and towns," spokeswoman Shawn Feddeman told the newspaper. "We take our responsibility to pay taxes very seriously. This is an issue we inherited from our acquisition of AT&T Broadband at the end of 2002 that dates back more than 10 years. We are working with the state to resolve this matter."

Related