HB3436 Summary

• Creates the Illinois Corporate Responsibility and Tax Disclosure Act requiring publicly traded corporations and their 50%+ owned subsidiaries doing business in Illinois to file annual tax disclosure statements with the Secretary of State beginning in 2015.

• Requires corporations to file statements within 30 days of their Illinois tax return filing (or 90 days after federal return if not filing in Illinois), containing detailed tax information including taxable income, apportionment factors, tax liability, credits claimed, and net income.

• Mandates the Secretary of State maintain a searchable, publicly accessible online database of all filed statements, with information becoming public on the first day of the third calendar year after the tax year ends.

• Requires statements to be attested to by the corporation's chief operating officer and allows Department of Revenue audit; establishes maximum civil penalties of $100 per day for late or inaccurate filings, with penalties to be publicly published.

• Permits supplemental information submission by corporations to clarify statement data; exempts information that is confidential under Internal Revenue Code or federal statute from disclosure requirements.