The Illinois House is considering a bill that would require corporations in the state to publicly disclose how much they pay in state income taxes.
Under the Illinois Corporate Responsibility and Tax Disclosure Act, any publicly-traded company doing business in the state would have to file a form detailing its tax payments to the state, its net and taxable income, and what tax credits it received. Supporters believe it would both expose and discourage fraud.
“If some corporations do not want to defend their tax behavior, it may well be because they cannot defend what they’re hiding from the public,” said Dan Bucks, former executive director of the Multi-State Tax Commission.
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Opponents argue that the bill unfairly demonizes businesses.
“Public disclosure provides opportunity for those seeking a quick headline without full knowledge of a corporation’s true fiscal situation,” said Connie Beard of the Illinois Chamber of Commerce.
A similar bill died in the House Revenue Commission last year after passing the Senate.