Despite poll showing nearly 80% of Illinois voters in favor of transparency legislation
With 2/3 of Businesses Paying No Corporate Income Tax in Illinois Legislators Need Information to Evaluate Tax Breaks and Improve Fiscal Responsibility
SPRINGFIELD—Despite the overwhelming public consensus in favor of a more transparent corporate tax system, the Illinois House Revenue and Finance Committee today fell short of passing SB 282, the Illinois Corporate Tax Disclosure and Responsibility Act.
“Illinois legislators today sided with wealthy corporate political contributors over the people who live in their districts,” said Sue Gries, a leader with the Lakeview Action Coalition. “Illinois can’t be fiscally responsible and put an end to wasteful tax breaks if the big corporations and the politicians they fund are allowed to keep hiding the truth.”
Currently 2/3 of Illinois corporations pay no corporate income tax to Illinois, according to the Illinois Department of Revenue, but our current system hides the real impact of tax loopholes for big corporations and special interests—even from state legislators. This is information that the voters and public officials need to make informed tax policy decisions.
SB 282 provides transparency by requiring publicly-traded corporations in Illinois to disclose the amount of corporate income taxes they pay to the State of Illinois. The Secretary of State would disclose this information to the general public on the Internet a full two years after the fact.
This legislation would cover only publicly traded corporations, which constitute about a 1/2% of the businesses in Illinois—primarily the large corporations that have great influence over well-funded lobbying groups with he power to sway tax legislation in their favor.
The vote comes on the heels of a new statewide poll showing that the majority of Illinois voters—including a majority of Republicans—say corporations are not paying their fair share of state taxes and overwhelmingly support legislation that would require publicly traded corporations to disclose certain tax information.
Nearly 80 percent of Illinois voters say legislation to require publicly traded corporations to disclose how much they pay in Illinois corporate income tax is a good idea—with 75% of Republicans, 80% of Democrats and 84% of Independents saying it is a good idea—according to the poll conducted in December by Public Policy Polling (PPP).
For more information, contact:
Kristi Sanford, 773-456-4024 cell or Kristi@iiron.org or
Don Carlson, Exec. Director of Illinois People’s Action, 309-826-9627, email@example.com
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