IL HR1360

Opposes Senate Bill 282, which would require publicly traded corporations and their subsidiaries to disclose extensive confidential tax return information to Illinois.

Objects to SB 282 requirements for out-of-state corporations doing business in Illinois but not filing Illinois tax returns to disclose similar tax information or explanations of their tax status.

Argues SB 282 violates confidentiality provisions of the Internal Revenue Code and represents the most aggressive tax disclosure proposal in the country.

Contends the disclosure requirements would harm Illinois's business environment by providing out-of-state competitors with unfair economic advantages and making Illinois less attractive for investment and job creation.

Asserts the Illinois Department of Revenue already has access to all filed tax returns and can provide aggregate data to legislators without violating taxpayer confidentiality, and existing enforcement systems adequately address tax compliance.