IL HR0102

Opposes proposals to enact an Illinois Corporate Tax Disclosure and Responsibility Act that would require publicly traded corporations and their subsidiaries to disclose confidential tax return information.

Objects to requiring out-of-state corporations doing business in Illinois to file statements disclosing tax information or explanations of their tax status.

Cites concerns that tax disclosure requirements may violate Internal Revenue Code confidentiality provisions and would give out-of-state businesses an unfair economic advantage.

Argues that the Illinois Department of Revenue already has access to tax returns and can provide aggregate data to legislators without violating taxpayer confidentiality, and that existing enforcement mechanisms are sufficient.

States that taxpayers have an expectation of privacy in their income tax returns and business information under principles historically guiding Illinois's state income tax system.