Full Text of HR0102 98th General Assembly
HR0102 98TH GENERAL ASSEMBLY |
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| 1 | | HOUSE RESOLUTION
| 2 | | WHEREAS, We the members of the Illinois House of | 3 | | Representatives are bound by our constitutional oath to | 4 | | "provide for the health, safety and welfare of the people" of | 5 | | Illinois, and we recognize this can best be accomplished by | 6 | | fostering a robust and competitive business environment that | 7 | | attracts businesses, provides jobs, and creates economic | 8 | | opportunities for Illinois residents; and
| 9 | | WHEREAS, The December 2012 8.7% unemployment rate in | 10 | | Illinois is higher than every bordering state and is seventh | 11 | | highest in the country; and
| 12 | | WHEREAS, Illinois has approximately $9 billion in unpaid | 13 | | bills and an unfunded pension liability of over $96 billion; | 14 | | and
| 15 | | WHEREAS, The total corporate income tax rate in Illinois is | 16 | | 9.5%, the third highest in the nation, forcing Illinois to | 17 | | continually provide tax breaks to companies on a piecemeal | 18 | | basis; and
| 19 | | WHEREAS, Proposals presented for discussion and debate in | 20 | | the 97th and 98th General Assemblies would enact an Illinois | 21 | | Corporate Tax Disclosure and Responsibility Act; this Act would |
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| 1 | | require all publicly traded corporations and their | 2 | | subsidiaries that are required to file an Illinois tax return | 3 | | to disclose extensive confidential tax return information, and | 4 | | would also require out-of-state corporations doing business in | 5 | | Illinois but not required to file an Illinois tax return to | 6 | | file a statement disclosing similar information or | 7 | | explanations of their tax status; and
| 8 | | WHEREAS, The federal government, after an extensive study | 9 | | by the Congressional Joint Committee on Taxation, abandoned | 10 | | similar proposals put forth on the federal level as unwise; and
| 11 | | WHEREAS, The disclosure requirements set forth in these | 12 | | proposals may violate confidentiality provisions of the | 13 | | Internal Revenue Code; and
| 14 | | WHEREAS, Illinois needs to transform itself into an | 15 | | attractive state to invest in and create jobs; and
| 16 | | WHEREAS, Taxpayers have an expectation of privacy in their | 17 | | income tax returns and the disclosure of detailed information | 18 | | about their business; and
| 19 | | WHEREAS, Disclosure of such information would provide | 20 | | businesses outside the State with an unfair economic advantage | 21 | | by having in-State business tax information publicly |
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| 1 | | available; and
| 2 | | WHEREAS, The Illinois Department of Revenue has access to | 3 | | all Illinois tax returns that are filed and can already provide | 4 | | detailed aggregate information and data to legislators and the | 5 | | public without violating taxpayer confidentiality laws; and | 6 | | WHEREAS, Illinois has an existing system whereby | 7 | | compliance with State tax Acts may be reviewed and enforced | 8 | | through the Illinois Department of Revenue; allowing for | 9 | | in-depth investigations and severe penalties for those in | 10 | | violation of those Acts; therefore, be it
| 11 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | 12 | | NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | 13 | | we oppose proposals intended to enact an Illinois Corporate Tax | 14 | | Disclosure and Responsibility Act or to take other action in | 15 | | breach of the principles of taxpayer privacy that have | 16 | | historically guided our State income tax system.
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