SB 282: Senate President Cullerton Calls for Public Disclosure of Corporate Income Tax Returns
Fall veto session took an unexpected twist on Monday when word got out that Senate President Cullerton would be calling SB 282 this week– a controversial, anti-business bill that would require publicly-traded corporations doing business in Illinois to file reports with the Illinois Secretary of State on which they would be required to disclose detailed information from their Illinois income tax returns, including how much income and replacement tax they paid each year. SB 282 was initially proposed during the spring legislative session, but was never called on the Senate floor. Senate Speaker Cullerton and House Majority Leader Rep. Barbara Flynn Currie held a press conference in support of SB 282 on Tuesday along with speakers from the Lakeview Action Coalition who are allied with Make Wall Street Pay–Illinois, both groups strong proponents of the bill. SB 282 is based on model legislation advocated by the Washington D.C. based Center on Budget & Policy Priorities.
The Illinois Chamber immediately began to notify members of the impending vote and to rally business opposition. Thanks to all members who have already contacted their legislators through our Illinois Chamber Grass Roots Action Center!
SB 282 passed the Senate with the bare minimum of votes required with a roll call vote of 30 to 27. The bill must now pass the House either next week or during January veto session to move to the Governor’s desk for his signature. Our current information is that the House is less enthused about the bill and that it is unlikely to be called for a vote during veto session. We’re working hard to confirm that information and we will be closely monitoring any further veto session action. If the bill does not pass during veto session, President Cullerton will have to start all over again in the new 2013 General Assembly.