Illinois House Committee Fails to Pass Corporate Tax Transparency Bill

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, don@ciop.org

 Kristi Sanford
Communications Coordinator
IIRON


http://www.iironblog.org

@IIRONACTION

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About 900poundgorilla

W.C. Turck is a Chicago playwright and the author of four widely acclaimed books.His latest is "The Last Man," a prophetic novel of a world ruled by a single corporation. His first novel, "Broken: One Soldier's Unexpected Journey Home," was reccommended by the National Association of Mental Health Institutes. His 2009 Memoir, "Everything for Love" chronicled the genocide in Bosnia and the siege of Sarajevo. His third book "Burn Down the Sky" is published exclusively on Amazon Kindle. It was in Sarajevo at the height of the siege where he met and married his wife, writer and Artist Ana Turck. FOX NEWS, ABC, CBS News, the Chicago Tribune and The Joliet Herald covered their reunion after the war. He helped organized relief into Rwanda during the 1994 genocide. Turck has been a guest on WMAQ-TV, WLS in Chicago, WCPT, WBBM radio, National Public Radio, Best Of the Left and the Thom Hartmann show. He has spoken frequently on Human Rights, Genocide and Nationalism. In 2011, his play in support of the Occupy Movement, "Occupy My Heart-a revolutionary Christmas Carol" recieved national media attention and filled theaters to capacity across Chicago. He remains an activist to the cause of human rights and international peace. View all posts by 900poundgorilla

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