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Corporate tax transparency measure advances

Thu, 29 Nov 2012 09:25:02 CST
By: IPR's Tony Arnold

Corporate tax transparency measure advances A contentious plan to require corporations in Illinois to openly share how much they pay in taxes is narrowly advancing in Springfield. IPR's Tony Arnold reports:

   
Senate President John Cullerton (shown)says it's hard to know how much in taxes companies like Sears or C-M-E Group pay, so the Democrat says the proposal to make publicly traded companies share how much they pay in state taxes will create a more fair corporate tax system.
"It's not a 'gotcha,' to the business community. It's actually that helps us have a better tax structure."
The proposal passed the Senate - with no Republican support. State Senator Chris Lauzen says it's a punishing bill that;s anti-business and anti-employment, and it could drive companies away from the state.
"There are other states that are alternatives for employers to go to."
Business groups have also complained about the legislation saying tax information should be kept confidential. The measure still needs approval from the House.
   

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