Full Text of HR1360 97th General Assembly
HR1360 97TH 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 current 8.8% unemployment rate in Illinois is | 10 | | higher than every bordering state and ninth highest in the | 11 | | country; and
| 12 | | WHEREAS, Illinois has over $8 billion in unpaid bills and | 13 | | an unfunded pension liability of $96 billion; and
| 14 | | WHEREAS, The corporate income tax rate in Illinois is 9.5%, | 15 | | the third highest in the nation, forcing Illinois to | 16 | | continually provide tax breaks to companies on a piecemeal | 17 | | basis; and
| 18 | | WHEREAS, Senate Bill 282 of the 97th General Assembly would | 19 | | require all publicly traded corporations and their | 20 | | subsidiaries that are required to file an Illinois tax return | 21 | | to disclose extensive confidential tax return information, and |
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| 1 | | would also require out-of-state corporations doing business in | 2 | | Illinois but not required to file an Illinois tax return to | 3 | | file a statement disclosing similar information or | 4 | | explanations of their tax status; and
| 5 | | WHEREAS, The federal government, after an extensive study | 6 | | by the Congressional Joint Committee on Taxation, abandoned | 7 | | such proposals as unwise; and
| 8 | | WHEREAS, The disclosure requirements set forth in Senate | 9 | | Bill 282 may violate confidentiality provisions of the Internal | 10 | | Revenue Code; and
| 11 | | WHEREAS, Senate Bill 282 is poor public policy, criticized | 12 | | by tax experts as fostering an unfriendly business environment; | 13 | | and
| 14 | | WHEREAS, Senate Bill 282 represents the most aggressive tax | 15 | | disclosure proposal in the country, making Illinois an outlier | 16 | | state and an even less attractive state to invest in and create | 17 | | jobs; and
| 18 | | WHEREAS, Taxpayers have an expectation of privacy in their | 19 | | income tax returns and the disclosure of detailed information | 20 | | about their business; and
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| 1 | | WHEREAS, Disclosure of such information would provide | 2 | | businesses outside the State with an unfair economic advantage | 3 | | by having in-State business tax information publicly | 4 | | available; and
| 5 | | WHEREAS, The Illinois Department of Revenue has access to | 6 | | all Illinois tax returns that are filed and can already provide | 7 | | detailed aggregate information and data to legislators and the | 8 | | public without violating taxpayer confidentiality laws; and | 9 | | WHEREAS, Illinois has an existing system whereby | 10 | | compliance with State tax Acts may be reviewed and enforced | 11 | | through the Illinois Department of Revenue; allowing for | 12 | | in-depth investigations and severe penalties for those in | 13 | | violation of those Acts; therefore, be it
| 14 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | 15 | | NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | 16 | | we oppose the Illinois Corporate Tax Disclosure and | 17 | | Responsibility Act contained in Senate Bill 282 of the 97th | 18 | | General Assembly.
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