Full Text of SB0282 97th General Assembly
SB0282sam001 97TH GENERAL ASSEMBLY | Sen. John J. Cullerton Filed: 5/9/2012
| | 09700SB0282sam001 | | LRB097 04883 HLH 69364 a |
|
| 1 | | AMENDMENT TO SENATE BILL 282
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 282 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 1. Short title. This Act may be cited as the | 5 | | Illinois Corporate Tax Disclosure and Responsibility Act. | 6 | | Section 5. Definitions. As used in this Act: | 7 | | "Corporation" means any entity subject to the tax imposed | 8 | | on corporations by Section 201 of the Illinois Income Tax or by | 9 | | by Section 11 of the Internal Revenue Code of 1986, as amended, | 10 | | except that "qualified personal service corporations", as | 11 | | defined in Section 448 of the Internal Revenue Code of 1986, as | 12 | | amended, are exempt from this Act. | 13 | | "Doing business in this State" means: owning or renting | 14 | | real or tangible personal property physically located in this | 15 | | State; having employees, agents, or representatives acting on | 16 | | the corporation's behalf in this State; making sales of |
| | | 09700SB0282sam001 | - 2 - | LRB097 04883 HLH 69364 a |
|
| 1 | | tangible personal property to purchasers that take possession | 2 | | of that property in this State; performing services for | 3 | | customers located in this State; performing services in this | 4 | | State; earning income from intangible personal property that | 5 | | has a business situs in this State; engaging in regular and | 6 | | systematic solicitation of sales in this State; being a partner | 7 | | in a partnership engaged in any of the preceding activities in | 8 | | this State; or being a member of a limited liability company | 9 | | engaged in any of the preceding activities in this State. | 10 | | Section 10. Tax disclosure statement required. | 11 | | (a) For each taxable year ending on or after December 31, | 12 | | 2012, the following corporations, if doing business in this | 13 | | State, shall file a statement described in this Section with | 14 | | the Secretary of State: | 15 | | (1) all publicly traded corporations, including | 16 | | corporations traded on foreign stock exchanges. | 17 | | (2) any corporation with respect to which 50% or more | 18 | | of the voting stock is owned, directly or indirectly, by a | 19 | | publicly traded corporation. | 20 | | (b) This statement shall be filed annually in an electronic | 21 | | format specified by the Secretary of State, pursuant to rules | 22 | | adopted by the Secretary of State, no more than 30 days | 23 | | following the filing of the corporation's tax return required | 24 | | under Section 502 of the Illinois Income Tax Act, or, in the | 25 | | case of a corporation that is not required to file such a tax |
| | | 09700SB0282sam001 | - 3 - | LRB097 04883 HLH 69364 a |
|
| 1 | | return, within 90 days after the filing of the corporation's | 2 | | federal income tax return, including any federal consolidated | 3 | | return in which the corporation is included. | 4 | | (c) The statement shall contain the following information: | 5 | | (1) the name of the corporation and the street address | 6 | | of its principal executive office; | 7 | | (2) if different from item (1), the name of any | 8 | | corporation that owns, directly or indirectly 50% or more | 9 | | of the voting stock of the corporation and the street | 10 | | address of that corporation's principal executive office; | 11 | | (3) the corporation's 4-digit North American Industry | 12 | | Classification System code number; | 13 | | (4) a unique code number, assigned by the Secretary of | 14 | | State, to identify the corporation; that code number shall | 15 | | remain constant from year to year; and | 16 | | (5) the following information used in preparing or | 17 | | contained in the corporation's most recent tax return filed | 18 | | under the Illinois Income Tax Act, or, in the case of a | 19 | | corporation that is not required to file a tax return under | 20 | | the Illinois Income Tax Act, the information that would be | 21 | | required to be reported on or used in preparing the tax | 22 | | return if the corporation had been required to file such a | 23 | | return: | 24 | | (A) the taxable income of the corporation as | 25 | | modified by paragraphs 203(b)(2)(A) through | 26 | | 203(b)(2)(E-16) of the Illinois Income Tax Act; |
| | | 09700SB0282sam001 | - 4 - | LRB097 04883 HLH 69364 a |
|
| 1 | | (B) the base income of the corporation; | 2 | | (C) the apportionment factor in the State for the | 3 | | corporation; | 4 | | (D) the total business income of the corporation | 5 | | apportioned to the State; | 6 | | (E) the Illinois net operating loss deduction for | 7 | | the corporation, if any; | 8 | | (F) the total non-business income of the | 9 | | corporation and the amount of non-business income | 10 | | allocated to the State; | 11 | | (G) the net income of the corporation; | 12 | | (H) the corporation's total State income tax | 13 | | liability before credits; | 14 | | (I) the corporation's total personal property tax | 15 | | replacement tax liability before credits; | 16 | | (J) tax credits claimed by the corporation, with | 17 | | each credit individually enumerated; | 18 | | (K) the net personal property tax replacement tax; | 19 | | and | 20 | | (L) the net corporate income tax. | 21 | | (d) A corporation doing business in this State that is not | 22 | | required to file a tax return under Section 502 of the Illinois | 23 | | Income Tax Act may, in lieu of the statement under subsection | 24 | | (c), elect to file a statement with the Secretary of State | 25 | | containing the following information: | 26 | | (1) the information specified in items (1) through (4) |
| | | 09700SB0282sam001 | - 5 - | LRB097 04883 HLH 69364 a |
|
| 1 | | of subsection (c) of this Section; | 2 | | (2) an explanation of why the corporation is not | 3 | | required to file a corporate income tax return in this | 4 | | State, which may take the form of checking one or more | 5 | | possible explanations drafted by the Secretary of State; | 6 | | and | 7 | | (3) a designation of whether the corporation's total | 8 | | gross receipts from sales to purchasers in this State | 9 | | during the taxable year was: (1) less than $10,000,000; (2) | 10 | | $10,000,000 or more but less than $50,000,000; (3) | 11 | | $50,000,000 or more but less than $100,000,000; (4) | 12 | | $100,000,000 or more but less than $250,000,000; or (5) | 13 | | $250,000,000 or more. | 14 | | Section 20. Supplemental information. Any corporation that | 15 | | is required to submit a statement under this Act is permitted | 16 | | to submit supplemental information that, in the judgment of the | 17 | | corporation, could facilitate proper interpretation of the | 18 | | information included in the statement. The method of public | 19 | | dissemination of the information contained in the statements | 20 | | required under Section 35 of this Act shall ensure that any | 21 | | such supplemental information is publicly available and that | 22 | | notification of its availability is made to any person seeking | 23 | | information contained in the statement. | 24 | | Section 25. Amended tax disclosure statements. If a |
| | | 09700SB0282sam001 | - 6 - | LRB097 04883 HLH 69364 a |
|
| 1 | | corporation files an amended federal or State income tax | 2 | | return, then that corporation shall file a revised statement | 3 | | under this Section within 60 calendar days after the amended | 4 | | return is filed. If a corporation's tax liability for a tax | 5 | | year is changed as the result of an uncontested audit | 6 | | adjustment or final determination of liability by the | 7 | | Department of Revenue, or by a court of law as provided for in | 8 | | the Illinois Income Tax Act, then the corporation shall file a | 9 | | revised statement under this Section within 60 calendar days | 10 | | after the final determination of liability. | 11 | | Section 30. Public access to tax disclosure statements. The | 12 | | statements required under this Act shall be public records. The | 13 | | Secretary of State shall make all information contained in | 14 | | those statements available to the public on an ongoing basis in | 15 | | the form of a searchable database accessible through the | 16 | | Internet. The Secretary of State shall set and collect from | 17 | | persons requesting information in the statements reasonable | 18 | | charges that cover the cost to the State of providing copies on | 19 | | appropriate computer-readable media of the entire database for | 20 | | statements filed during each calendar year as well as hard | 21 | | copies of any individual annual statement for a specific | 22 | | corporation. No statement for any corporation for a particular | 23 | | tax year shall be publicly available until the first day of the | 24 | | third calendar year following the calendar year in which the | 25 | | particular tax year ends. |
| | | 09700SB0282sam001 | - 7 - | LRB097 04883 HLH 69364 a |
|
| 1 | | Section 35. Enforcing compliance. The accuracy of the | 2 | | statements required under this Act shall be attested to in | 3 | | writing by the chief operating officer of the corporation, and | 4 | | shall be subject to audit by the Department of Revenue, as the | 5 | | agent of the Secretary of State, in the course of and under the | 6 | | normal procedures applicable to corporate income tax return | 7 | | audits. The Secretary of State by rule shall develop and | 8 | | implement an oversight and penalty system applicable to both | 9 | | the chief operating officer of the corporation and the | 10 | | corporation itself to ensure that corporations doing business | 11 | | in this State, including those not required to file a return | 12 | | under Section 502 of the Illinois Income Tax Act shall provide | 13 | | the required attestation and disclosure statements, | 14 | | respectively, in a timely and accurate manner. The maximum | 15 | | civil penalty may not exceed $100 per statement for each day | 16 | | during which the corporation is delinquent in filing an | 17 | | original statement under Section 10 or an amended statement | 18 | | under Section 25. The Secretary of State shall publish the name | 19 | | and penalty imposed upon any corporation subject to a penalty | 20 | | for failing to file the required statement or filing an | 21 | | inaccurate statement. | 22 | | Section 40. Rules. The Secretary of State shall adopt rules | 23 | | in accordance with the Illinois Administrative Procedure Act as | 24 | | may be deemed necessary to carry out the purposes of this Act.
|
| | | 09700SB0282sam001 | - 8 - | LRB097 04883 HLH 69364 a |
|
| 1 | | Section 99. Effective date. This Act takes effect upon | 2 | | becoming law.".
|
|