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Oppose SB 282!
Tell Springfield Legislators to Vote “No” Today!
Legislation is currently being considered in the Illinois Senate that would require publicly traded corporations that are based in or do business in Illinois to file private tax disclosure information with the Illinois Secretary of State whose office would then make the information publicly available on the internet.
The Illinois Chamber strongly opposes Senate Bill 282 as amended as it will require that the disclosures contain sensitive information contained in the corporation’s annual private tax returns. SB 282 as amended violates the sacred compact that the taxpayers have a justifiable expectation of privacy when they file their income tax returns and disclose detailed information about the operations of their business.
Your voice needs to be heard on SB 282 as amended! Scroll down below to contact your legislator TODAY to voice your opposition!
Taxpayers should not have to defend their tax returns in the court of public opinion, against subjective accusations of what constitutes their “fair share”. Opening up this confidential tax information can result in purposefully misleading accusations by persons attempting to use the confidential information for their own political gain or in inaccurate statements by those who don’t understand the complexities of corporate tax laws.
The legislation would require, among other things, the following to be filed for public review:
• Taxable income of the corporation,
• Base income of the corporation,
• Apportionment factor in the State for the corporation,
• Total business income of the corporation apportioned to the State,
• The Illinois net operating loss deduction for the corporation,
• Total non-business income of the corporation and the amount of non-business income allocated to the State,
• Net income of the corporation,
• Corporation’s total State income tax liability before credits,
• Corporation’s total personal property tax replacement tax liability before credits,
• Tax credits claimed by the corporations, with each credit individually enumerated,
• Net personal property tax replacement tax, and
• Net corporate income tax.
Forcing corporations to disclose their income tax return information serves no valid public policy purpose and is another prime example of how the State of Illinois shows its bias against Illinois job creators.
Your voice needs to be heard on SB 282 as amended. Please contact your legislator TODAY to voice your opposition!
215 E. Adams St.
Springfield, IL 62701
300 S. Wacker Drive, Suite 1600
Chicago, IL 60606