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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 current 8.8% unemployment rate in Illinois is
10higher than every bordering state and ninth highest in the
11country; and
 
12    WHEREAS, Illinois has over $8 billion in unpaid bills and
13an unfunded pension liability of $96 billion; and
 
14    WHEREAS, The corporate income tax rate in Illinois is 9.5%,
15the third highest in the nation, forcing Illinois to
16continually provide tax breaks to companies on a piecemeal
17basis; and
 
18    WHEREAS, Senate Bill 282 of the 97th General Assembly would
19require all publicly traded corporations and their
20subsidiaries that are required to file an Illinois tax return
21to disclose extensive confidential tax return information, and

 

 

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1would also require out-of-state corporations doing business in
2Illinois but not required to file an Illinois tax return to
3file a statement disclosing similar information or
4explanations of their tax status; and
 
5    WHEREAS, The federal government, after an extensive study
6by the Congressional Joint Committee on Taxation, abandoned
7such proposals as unwise; and
 
8    WHEREAS, The disclosure requirements set forth in Senate
9Bill 282 may violate confidentiality provisions of the Internal
10Revenue Code; and
 
11    WHEREAS, Senate Bill 282 is poor public policy, criticized
12by tax experts as fostering an unfriendly business environment;
13and
 
14    WHEREAS, Senate Bill 282 represents the most aggressive tax
15disclosure proposal in the country, making Illinois an outlier
16state and an even less attractive state to invest in and create
17jobs; and
 
18    WHEREAS, Taxpayers have an expectation of privacy in their
19income tax returns and the disclosure of detailed information
20about their business; and
 

 

 

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1    WHEREAS, Disclosure of such information would provide
2businesses outside the State with an unfair economic advantage
3by having in-State business tax information publicly
4available; and
 
5    WHEREAS, The Illinois Department of Revenue has access to
6all Illinois tax returns that are filed and can already provide
7detailed aggregate information and data to legislators and the
8public without violating taxpayer confidentiality laws; and
 
9    WHEREAS, Illinois has an existing system whereby
10compliance with State tax Acts may be reviewed and enforced
11through the Illinois Department of Revenue; allowing for
12in-depth investigations and severe penalties for those in
13violation of those Acts; therefore, be it
 
14    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
15NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
16we oppose the Illinois Corporate Tax Disclosure and
17Responsibility Act contained in Senate Bill 282 of the 97th
18General Assembly.