If state lawmakers want to pass a corporate tax transparency measure, they'll have to wait until the next legislative session. A proposal that would have required publicly traded corporations in Illinois to release how much they pay in state taxes failed in committee yesterday. Represenative Barbara Flynn Currie, the plan's sponsor and the House's number-two Democrat, says it's unfortuante to see the plan fail. She says she believes the state's corporate tax structure needs to be revisited:
"The business community came on like gangbusters and did its best to kill the bill, which they succeeded in doing."
Opponents argue that all taxpayers, including corporations, are entitled to privacy. They also point to an agreement between the Illinois Department of Revenue and the I-R-S, which mandates only the federal government can authorize the release of corporate tax information.
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