Senate President John Cullerton, D-Chicago, had the votes he needed in the Illinois Senate Wednesday to pass a bill that calls for publicly traded corporations to list tax information.
“By increasing the tax transparency of publicly traded corporations, policy makers can make informed decisions that promote economic growth while increasing public accountability for tax dollars,” Cullerton said.
“I look forward to working with the business community and the members of the Illinois House to advance these goals.”
That second sentence in Cullerton’s release probably drew either laughter or groans from the state’s business leaders. The “Illinois Watchdog Update” sent out a release on Tuesday hinting that the bill is “a tax grab dressed up as government reform” and “presumes corporate wrongdoing.”
Sen. Sam McCann, R-Carlinville, said the legislative attempt to blame the state’s financial problems on corporations that receive tax breaks reminds him of the language impeached Gov. Rod Blagojevich used when he sought the gross receipts tax to collect from a business community he labeled as greedy.
The House had not taken up Cullerton’s bill by mid-afternoon on Wednesday.