Corporate income tax transparency push
Updated: November 28, 2012
SPRINGFIELD -- Some of the state's top lawmakers are pushing for a bill to make corporations say how much they pay in income taxes.
Right now, lawmakers don't know how much each big business pays in. It's only for publicly traded companies though.
We know some pay a lot, while others don't pay any state corporate income taxes at all. This measure would show who pays what so lawmakers can fix the corporate tax system. They say it's hard to make policy to help our budget if they are missing this key information.
Lawmakers say it's purely a transparency issue and is not meant to gouge businesses for tax dollars. But opponents say it still might scare businesses away. Illinois would be one of the first states to require companies to disclose tax information.
We know some pay a lot, while others don't pay any state corporate income taxes at all. This measure would show who pays what so lawmakers can fix the corporate tax system. They say it's hard to make policy to help our budget if they are missing this key information.
Lawmakers say it's purely a transparency issue and is not meant to gouge businesses for tax dollars. But opponents say it still might scare businesses away. Illinois would be one of the first states to require companies to disclose tax information.
