Corporate Tax Transparency Bill Defeated In Illinois House
SPRINGFIELD, IL (IRN) - Backers of a so-called “transparency” bill in the Illinois legislature hope the people who helped defeat it can help come up with something which can pass.
The bill, which failed to pass an Illinois House committee Sunday, would have required some publicly-traded companies – one-half of 1 percent, say supporters – to disclose corporate income tax information.
Opponents said it was a breach of both confidentiality and competitiveness.
One object of the bill was to gauge the effectiveness of incentives. The chairman of the committee, State Rep. John Bradley (D-Marion), said, “One of the big frustrations we’ve had in this committee is that we can’t get the information that we need in order to make tax policy.
“I think this is a broad stroke; I think this probably overreaches, but I think there is something that should be out there, and I think we need to send a message to the guys that are opposing this that we need their help in crafting policy to allow us to better craft tax policy in the state of Illinois.”
S.B. 282, which had passed the Senate, was voted down in the House Revenue and Finance Committee.