Chicago Proposal for Tax Disclosure Emerges
While SB 282 may have been defeated this past week, Chicago’s Alderman Burke has now proposed a “Corporate Tax Disclosure Ordinance” as an amendment to Chapter 2-154 of the City’s Municipal Code. The ordinance would require disclosure of extensive corporate tax return information for any publicly held corporation that makes application to the City for any “city action.” A city action is defined as “any action requiring an ordinance, or ordinance amendment, city council approval, or other city agency or department approval, with respect to the sale or purchase of real estate, real property tax reclassifications, leases, and contracts.” We believe this ordinance, if enacted, unfairly penalizes businesses seeking to work with the City to expand or locate in Chicago by requiring them to disclose confidential taxpayer information. The ordinance could be heard by the City Council as early as next Tuesday, but so far no specific date for a hearing has been announced. The Illinois Chamber will be opposing the proposed ordinance.