Sen. John J. Cullerton
Filed: 5/9/2012
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1 | AMENDMENT TO SENATE BILL 282
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2 | AMENDMENT NO. ______. Amend Senate Bill 282 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 1. Short title. This Act may be cited as the | ||||||
5 | Illinois Corporate Tax Disclosure and Responsibility Act. | ||||||
6 | Section 5. Definitions. As used in this Act: | ||||||
7 | "Corporation" means any entity subject to the tax imposed | ||||||
8 | on corporations by Section 201 of the Illinois Income Tax or by | ||||||
9 | by Section 11 of the Internal Revenue Code of 1986, as amended, | ||||||
10 | except that "qualified personal service corporations", as | ||||||
11 | defined in Section 448 of the Internal Revenue Code of 1986, as | ||||||
12 | amended, are exempt from this Act. | ||||||
13 | "Doing business in this State" means: owning or renting | ||||||
14 | real or tangible personal property physically located in this | ||||||
15 | State; having employees, agents, or representatives acting on | ||||||
16 | the corporation's behalf in this State; making sales of |
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1 | tangible personal property to purchasers that take possession | ||||||
2 | of that property in this State; performing services for | ||||||
3 | customers located in this State; performing services in this | ||||||
4 | State; earning income from intangible personal property that | ||||||
5 | has a business situs in this State; engaging in regular and | ||||||
6 | systematic solicitation of sales in this State; being a partner | ||||||
7 | in a partnership engaged in any of the preceding activities in | ||||||
8 | this State; or being a member of a limited liability company | ||||||
9 | engaged in any of the preceding activities in this State. | ||||||
10 | Section 10. Tax disclosure statement required. | ||||||
11 | (a) For each taxable year ending on or after December 31, | ||||||
12 | 2012, the following corporations, if doing business in this | ||||||
13 | State, shall file a statement described in this Section with | ||||||
14 | the Secretary of State: | ||||||
15 | (1) all publicly traded corporations, including | ||||||
16 | corporations traded on foreign stock exchanges. | ||||||
17 | (2) any corporation with respect to which 50% or more | ||||||
18 | of the voting stock is owned, directly or indirectly, by a | ||||||
19 | publicly traded corporation. | ||||||
20 | (b) This statement shall be filed annually in an electronic | ||||||
21 | format specified by the Secretary of State, pursuant to rules | ||||||
22 | adopted by the Secretary of State, no more than 30 days | ||||||
23 | following the filing of the corporation's tax return required | ||||||
24 | under Section 502 of the Illinois Income Tax Act, or, in the | ||||||
25 | case of a corporation that is not required to file such a tax |
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1 | return, within 90 days after the filing of the corporation's | ||||||
2 | federal income tax return, including any federal consolidated | ||||||
3 | return in which the corporation is included. | ||||||
4 | (c) The statement shall contain the following information: | ||||||
5 | (1) the name of the corporation and the street address | ||||||
6 | of its principal executive office; | ||||||
7 | (2) if different from item (1), the name of any | ||||||
8 | corporation that owns, directly or indirectly 50% or more | ||||||
9 | of the voting stock of the corporation and the street | ||||||
10 | address of that corporation's principal executive office; | ||||||
11 | (3) the corporation's 4-digit North American Industry | ||||||
12 | Classification System code number; | ||||||
13 | (4) a unique code number, assigned by the Secretary of | ||||||
14 | State, to identify the corporation; that code number shall | ||||||
15 | remain constant from year to year; and | ||||||
16 | (5) the following information used in preparing or | ||||||
17 | contained in the corporation's most recent tax return filed | ||||||
18 | under the Illinois Income Tax Act, or, in the case of a | ||||||
19 | corporation that is not required to file a tax return under | ||||||
20 | the Illinois Income Tax Act, the information that would be | ||||||
21 | required to be reported on or used in preparing the tax | ||||||
22 | return if the corporation had been required to file such a | ||||||
23 | return: | ||||||
24 | (A) the taxable income of the corporation as | ||||||
25 | modified by paragraphs 203(b)(2)(A) through | ||||||
26 | 203(b)(2)(E-16) of the Illinois Income Tax Act; |
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1 | (B) the base income of the corporation; | ||||||
2 | (C) the apportionment factor in the State for the | ||||||
3 | corporation; | ||||||
4 | (D) the total business income of the corporation | ||||||
5 | apportioned to the State; | ||||||
6 | (E) the Illinois net operating loss deduction for | ||||||
7 | the corporation, if any; | ||||||
8 | (F) the total non-business income of the | ||||||
9 | corporation and the amount of non-business income | ||||||
10 | allocated to the State; | ||||||
11 | (G) the net income of the corporation; | ||||||
12 | (H) the corporation's total State income tax | ||||||
13 | liability before credits; | ||||||
14 | (I) the corporation's total personal property tax | ||||||
15 | replacement tax liability before credits; | ||||||
16 | (J) tax credits claimed by the corporation, with | ||||||
17 | each credit individually enumerated; | ||||||
18 | (K) the net personal property tax replacement tax; | ||||||
19 | and | ||||||
20 | (L) the net corporate income tax. | ||||||
21 | (d) A corporation doing business in this State that is not | ||||||
22 | required to file a tax return under Section 502 of the Illinois | ||||||
23 | Income Tax Act may, in lieu of the statement under subsection | ||||||
24 | (c), elect to file a statement with the Secretary of State | ||||||
25 | containing the following information: | ||||||
26 | (1) the information specified in items (1) through (4) |
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1 | of subsection (c) of this Section; | ||||||
2 | (2) an explanation of why the corporation is not | ||||||
3 | required to file a corporate income tax return in this | ||||||
4 | State, which may take the form of checking one or more | ||||||
5 | possible explanations drafted by the Secretary of State; | ||||||
6 | and | ||||||
7 | (3) a designation of whether the corporation's total | ||||||
8 | gross receipts from sales to purchasers in this State | ||||||
9 | during the taxable year was: (1) less than $10,000,000; (2) | ||||||
10 | $10,000,000 or more but less than $50,000,000; (3) | ||||||
11 | $50,000,000 or more but less than $100,000,000; (4) | ||||||
12 | $100,000,000 or more but less than $250,000,000; or (5) | ||||||
13 | $250,000,000 or more. | ||||||
14 | Section 20. Supplemental information. Any corporation that | ||||||
15 | is required to submit a statement under this Act is permitted | ||||||
16 | to submit supplemental information that, in the judgment of the | ||||||
17 | corporation, could facilitate proper interpretation of the | ||||||
18 | information included in the statement. The method of public | ||||||
19 | dissemination of the information contained in the statements | ||||||
20 | required under Section 35 of this Act shall ensure that any | ||||||
21 | such supplemental information is publicly available and that | ||||||
22 | notification of its availability is made to any person seeking | ||||||
23 | information contained in the statement. | ||||||
24 | Section 25. Amended tax disclosure statements. If a |
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1 | corporation files an amended federal or State income tax | ||||||
2 | return, then that corporation shall file a revised statement | ||||||
3 | under this Section within 60 calendar days after the amended | ||||||
4 | return is filed. If a corporation's tax liability for a tax | ||||||
5 | year is changed as the result of an uncontested audit | ||||||
6 | adjustment or final determination of liability by the | ||||||
7 | Department of Revenue, or by a court of law as provided for in | ||||||
8 | the Illinois Income Tax Act, then the corporation shall file a | ||||||
9 | revised statement under this Section within 60 calendar days | ||||||
10 | after the final determination of liability. | ||||||
11 | Section 30. Public access to tax disclosure statements. The | ||||||
12 | statements required under this Act shall be public records. The | ||||||
13 | Secretary of State shall make all information contained in | ||||||
14 | those statements available to the public on an ongoing basis in | ||||||
15 | the form of a searchable database accessible through the | ||||||
16 | Internet. The Secretary of State shall set and collect from | ||||||
17 | persons requesting information in the statements reasonable | ||||||
18 | charges that cover the cost to the State of providing copies on | ||||||
19 | appropriate computer-readable media of the entire database for | ||||||
20 | statements filed during each calendar year as well as hard | ||||||
21 | copies of any individual annual statement for a specific | ||||||
22 | corporation. No statement for any corporation for a particular | ||||||
23 | tax year shall be publicly available until the first day of the | ||||||
24 | third calendar year following the calendar year in which the | ||||||
25 | particular tax year ends. |
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1 | Section 35. Enforcing compliance. The accuracy of the | ||||||
2 | statements required under this Act shall be attested to in | ||||||
3 | writing by the chief operating officer of the corporation, and | ||||||
4 | shall be subject to audit by the Department of Revenue, as the | ||||||
5 | agent of the Secretary of State, in the course of and under the | ||||||
6 | normal procedures applicable to corporate income tax return | ||||||
7 | audits. The Secretary of State by rule shall develop and | ||||||
8 | implement an oversight and penalty system applicable to both | ||||||
9 | the chief operating officer of the corporation and the | ||||||
10 | corporation itself to ensure that corporations doing business | ||||||
11 | in this State, including those not required to file a return | ||||||
12 | under Section 502 of the Illinois Income Tax Act shall provide | ||||||
13 | the required attestation and disclosure statements, | ||||||
14 | respectively, in a timely and accurate manner. The maximum | ||||||
15 | civil penalty may not exceed $100 per statement for each day | ||||||
16 | during which the corporation is delinquent in filing an | ||||||
17 | original statement under Section 10 or an amended statement | ||||||
18 | under Section 25. The Secretary of State shall publish the name | ||||||
19 | and penalty imposed upon any corporation subject to a penalty | ||||||
20 | for failing to file the required statement or filing an | ||||||
21 | inaccurate statement. | ||||||
22 | Section 40. Rules. The Secretary of State shall adopt rules | ||||||
23 | in accordance with the Illinois Administrative Procedure Act as | ||||||
24 | may be deemed necessary to carry out the purposes of this Act.
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1 | Section 99. Effective date. This Act takes effect upon | ||||||
2 | becoming law.".
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