Illinois General Assembly

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Full Text of SB0282  97th General Assembly


Sen. John J. Cullerton

Filed: 5/9/2012





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2    AMENDMENT NO. ______. Amend Senate Bill 282 by replacing
3everything after the enacting clause with the following:
4    "Section 1. Short title. This Act may be cited as the
5Illinois 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
8on corporations by Section 201 of the Illinois Income Tax or by
9by Section 11 of the Internal Revenue Code of 1986, as amended,
10except that "qualified personal service corporations", as
11defined in Section 448 of the Internal Revenue Code of 1986, as
12amended, are exempt from this Act.
13    "Doing business in this State" means: owning or renting
14real or tangible personal property physically located in this
15State; having employees, agents, or representatives acting on
16the corporation's behalf in this State; making sales of



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1tangible personal property to purchasers that take possession
2of that property in this State; performing services for
3customers located in this State; performing services in this
4State; earning income from intangible personal property that
5has a business situs in this State; engaging in regular and
6systematic solicitation of sales in this State; being a partner
7in a partnership engaged in any of the preceding activities in
8this State; or being a member of a limited liability company
9engaged 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,
122012, the following corporations, if doing business in this
13State, shall file a statement described in this Section with
14the 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
21format specified by the Secretary of State, pursuant to rules
22adopted by the Secretary of State, no more than 30 days
23following the filing of the corporation's tax return required
24under Section 502 of the Illinois Income Tax Act, or, in the
25case of a corporation that is not required to file such a tax



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1return, within 90 days after the filing of the corporation's
2federal income tax return, including any federal consolidated
3return 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;



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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
22required to file a tax return under Section 502 of the Illinois
23Income Tax Act may, in lieu of the statement under subsection
24(c), elect to file a statement with the Secretary of State
25containing the following information:
26        (1) the information specified in items (1) through (4)



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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
15is required to submit a statement under this Act is permitted
16to submit supplemental information that, in the judgment of the
17corporation, could facilitate proper interpretation of the
18information included in the statement. The method of public
19dissemination of the information contained in the statements
20required under Section 35 of this Act shall ensure that any
21such supplemental information is publicly available and that
22notification of its availability is made to any person seeking
23information contained in the statement.
24    Section 25. Amended tax disclosure statements. If a



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1corporation files an amended federal or State income tax
2return, then that corporation shall file a revised statement
3under this Section within 60 calendar days after the amended
4return is filed. If a corporation's tax liability for a tax
5year is changed as the result of an uncontested audit
6adjustment or final determination of liability by the
7Department of Revenue, or by a court of law as provided for in
8the Illinois Income Tax Act, then the corporation shall file a
9revised statement under this Section within 60 calendar days
10after the final determination of liability.
11    Section 30. Public access to tax disclosure statements. The
12statements required under this Act shall be public records. The
13Secretary of State shall make all information contained in
14those statements available to the public on an ongoing basis in
15the form of a searchable database accessible through the
16Internet. The Secretary of State shall set and collect from
17persons requesting information in the statements reasonable
18charges that cover the cost to the State of providing copies on
19appropriate computer-readable media of the entire database for
20statements filed during each calendar year as well as hard
21copies of any individual annual statement for a specific
22corporation. No statement for any corporation for a particular
23tax year shall be publicly available until the first day of the
24third calendar year following the calendar year in which the
25particular tax year ends.



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1    Section 35. Enforcing compliance. The accuracy of the
2statements required under this Act shall be attested to in
3writing by the chief operating officer of the corporation, and
4shall be subject to audit by the Department of Revenue, as the
5agent of the Secretary of State, in the course of and under the
6normal procedures applicable to corporate income tax return
7audits. The Secretary of State by rule shall develop and
8implement an oversight and penalty system applicable to both
9the chief operating officer of the corporation and the
10corporation itself to ensure that corporations doing business
11in this State, including those not required to file a return
12under Section 502 of the Illinois Income Tax Act shall provide
13the required attestation and disclosure statements,
14respectively, in a timely and accurate manner. The maximum
15civil penalty may not exceed $100 per statement for each day
16during which the corporation is delinquent in filing an
17original statement under Section 10 or an amended statement
18under Section 25. The Secretary of State shall publish the name
19and penalty imposed upon any corporation subject to a penalty
20for failing to file the required statement or filing an
21inaccurate statement.
22    Section 40. Rules. The Secretary of State shall adopt rules
23in accordance with the Illinois Administrative Procedure Act as
24may be deemed necessary to carry out the purposes of this Act.



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1    Section 99. Effective date. This Act takes effect upon
2becoming law.".