HR0102LRB098 07317 HLH 37380 r

1
HOUSE RESOLUTION

 
2    WHEREAS, We the members of the Illinois House of
3Representatives are bound by our constitutional oath to
4"provide for the health, safety and welfare of the people" of
5Illinois, and we recognize this can best be accomplished by
6fostering a robust and competitive business environment that
7attracts businesses, provides jobs, and creates economic
8opportunities for Illinois residents; and
 
9    WHEREAS, The December 2012 8.7% unemployment rate in
10Illinois is higher than every bordering state and is seventh
11highest in the country; and
 
12    WHEREAS, Illinois has approximately $9 billion in unpaid
13bills and an unfunded pension liability of over $96 billion;
14and
 
15    WHEREAS, The total corporate income tax rate in Illinois is
169.5%, the third highest in the nation, forcing Illinois to
17continually provide tax breaks to companies on a piecemeal
18basis; and
 
19    WHEREAS, Proposals presented for discussion and debate in
20the 97th and 98th General Assemblies would enact an Illinois
21Corporate Tax Disclosure and Responsibility Act; this Act would

 

 

HR0102- 2 -LRB098 07317 HLH 37380 r

1require all publicly traded corporations and their
2subsidiaries that are required to file an Illinois tax return
3to disclose extensive confidential tax return information, and
4would also require out-of-state corporations doing business in
5Illinois but not required to file an Illinois tax return to
6file a statement disclosing similar information or
7explanations of their tax status; and
 
8    WHEREAS, The federal government, after an extensive study
9by the Congressional Joint Committee on Taxation, abandoned
10similar proposals put forth on the federal level as unwise; and
 
11    WHEREAS, The disclosure requirements set forth in these
12proposals may violate confidentiality provisions of the
13Internal Revenue Code; and
 
14    WHEREAS, Illinois needs to transform itself into an
15attractive state to invest in and create jobs; and
 
16    WHEREAS, Taxpayers have an expectation of privacy in their
17income tax returns and the disclosure of detailed information
18about their business; and
 
19    WHEREAS, Disclosure of such information would provide
20businesses outside the State with an unfair economic advantage
21by having in-State business tax information publicly

 

 

HR0102- 3 -LRB098 07317 HLH 37380 r

1available; and
 
2    WHEREAS, The Illinois Department of Revenue has access to
3all Illinois tax returns that are filed and can already provide
4detailed aggregate information and data to legislators and the
5public without violating taxpayer confidentiality laws; and
 
6    WHEREAS, Illinois has an existing system whereby
7compliance with State tax Acts may be reviewed and enforced
8through the Illinois Department of Revenue; allowing for
9in-depth investigations and severe penalties for those in
10violation of those Acts; therefore, be it
 
11    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
12NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
13we oppose proposals intended to enact an Illinois Corporate Tax
14Disclosure and Responsibility Act or to take other action in
15breach of the principles of taxpayer privacy that have
16historically guided our State income tax system.