ALTON – To help businesses that play by the rules, state Rep. Dan Beiser, D-Alton, recently supported legislation to prevent Illinois from doing business with corporations that stash profits overseas.
“When large corporations break these rules and attempt to hide their profits in offshore bank accounts, they are hurting businesses and taxpayers who are following the laws,” said Beiser. “To hold these companies responsible for their bad behavior, this new law prevents state dollars from being invested with companies that don’t play by the rules.”
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In 2003, the federal government put in place restrictions on contracting with or investing federal funds in expatriate corporations that avoid paying taxes by stashing profits overseas. Beiser’s House Bill 3419 restricts similar actions on the state level. The Illinois Investment Policy Board will also be required to investigate and identify a list of expatriate corporations that the state should avoid working with. Illinois has similar investment and business restrictions on businesses that have connections to Iran and Sudan and those that boycott Israel.
“When Governor Rauner vetoed this legislation he demonstrated once again that he is only looking out for large corporations and not small business or taxpayers,” Beiser said. “Democrats and Republicans came together and supported a commonsense approach to supporting local businesses. I am hopeful that we can continue to work together going forward.”
For more information, please contact Beiser’s constituent service office at 618-465-5900.
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