Illinois Senate plans vote on tax 'transparency'

November 27, 2012

The Associated Press

SPRINGFIELD, Ill. — Illinois Senate President John Cullerton plans a vote this week on a measure that would require some corporations to reveal their income-tax bills.

Cullerton and House Majority Leader Barbara Flynn Currie say two-thirds of corporations in Illinois don't pay any income tax but state officials don't know who they are. The Chicago Democrats say the proposal would help lawmakers decide future tax policy and whether corporate tax breaks are working.

Publicly traded corporations would have to post online the amount of corporate income taxes they paid two years prior to publication.

Business groups, however, contend tax bills are confidential. They say lawmakers know how much each business tax break they create costs overall and can decide policy based on that.