SPRINGFIELD - Democrats in Springfield are tapping into frustrated taxpayers' demands for government accountability and transparency by deflecting towards private corporations. SB 282 will require private businesses with public holdings to reveal online the amount of state taxes they pay. The effort, sponsored by Senate President John Cullerton (D-Chicago), passed the Illinois Senate last week with a 30 to 28 vote and may be heard in the House this week, shepherded by Majority Leader Barbara Flynn-Currie (D-Chicago).
Illinois Watchdog lists what corporations will be required to make public with the passage of SB 282. Under the proposal, corporations would have to reveal a variety of income-tax information to the public, including the following:
- The corporation’s taxable and base income.
- The corporation’s apportionment factor and total business income apportioned to the state.
- Net operating loss deduction.
- Total non-business income and the amount of non-business income allocated to the state.
- Net income.
- Income tax liability before the application of any tax credits.
- Itemized list of tax credits that the company claims and the amount of each credit.
- Name of any corporation that owns more than 50 percent of the company’s stock.
The information would be supplied to the Illinois Secretary of State, which, in turn, would post it online for the public. There would be a two-year lag between the disclosure and when the information would appear online.