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Tue November 27, 2012
IL Legislators Back Tax 'Transparency'
Democratic leaders in the Illinois General Assembly are backing legislation requiring some corporations to reveal their income-tax bills. Senate President John Cullerton and House Majority Leader Barbara Flynn Currie are announcing their support for the measure today, the first day of the Legislature's fall veto session.
The lawmakers want publicly traded corporations to post the amount of corporate income taxes they paid two years prior to publication online. They say doing so would reduce potential competitive disadvantage to businesses that must publicize expenditures.
Officials say two-thirds of corporations pay no income taxes because of deductions, tax breaks and "loopholes." Backers say lawmakers can't decide on a fair corporate tax structure without knowing what businesses pay.