Full Text of SB0282 97th General Assembly
SB0282eng 97TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning State government.
| 2 | | Be it enacted by the People of the State of Illinois, | 3 | | represented in the General Assembly:
| 4 | | Section 1. Short title. This Act may be cited as the | 5 | | Illinois Corporate Tax Disclosure and Responsibility Act. | 6 | | Section 5. Definitions. As used in this Act: | 7 | | "Corporation" means any entity subject to the tax imposed | 8 | | on corporations by Section 201 of the Illinois Income Tax Act | 9 | | or by Section 11 of the Internal Revenue Code of 1986, as | 10 | | amended, except that "qualified personal service | 11 | | corporations", as defined in Section 448 of the Internal | 12 | | Revenue Code of 1986, as amended, are exempt from this Act. | 13 | | "Doing business in this State" means: owning or renting | 14 | | real or tangible personal property physically located in this | 15 | | State; having employees, agents, or representatives acting on | 16 | | the corporation's behalf in this State; making sales of | 17 | | tangible personal property to purchasers that take possession | 18 | | of that property in this State; performing services for | 19 | | customers located in this State; performing services in this | 20 | | State; earning income from intangible personal property that | 21 | | has a business situs in this State; engaging in regular and | 22 | | systematic solicitation of sales in this State; being a partner | 23 | | in a partnership engaged in any of the preceding activities in |
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| 1 | | this State; or being a member of a limited liability company | 2 | | engaged in any of the preceding activities in this State. | 3 | | Section 10. Tax disclosure statement required. | 4 | | (a) For each taxable year ending on or after December 31, | 5 | | 2012, the following corporations, if doing business in this | 6 | | State, shall file a statement described in this Section with | 7 | | the Secretary of State: | 8 | | (1) all publicly traded corporations, including | 9 | | corporations traded on foreign stock exchanges. | 10 | | (2) any corporation with respect to which 50% or more | 11 | | of the voting stock is owned, directly or indirectly, by a | 12 | | publicly traded corporation. | 13 | | (b) This statement shall be filed annually in an electronic | 14 | | format specified by the Secretary of State, pursuant to rules | 15 | | adopted by the Secretary of State, no more than 30 days | 16 | | following the filing of the corporation's tax return required | 17 | | under Section 502 of the Illinois Income Tax Act, or, in the | 18 | | case of a corporation that is not required to file such a tax | 19 | | return, within 90 days after the filing of the corporation's | 20 | | federal income tax return, including any federal consolidated | 21 | | return in which the corporation is included. | 22 | | (c) The statement shall contain the following information: | 23 | | (1) the name of the corporation and the street address | 24 | | of its principal executive office; | 25 | | (2) if different from item (1), the name of any |
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| 1 | | corporation that owns, directly or indirectly, 50% or more | 2 | | of the voting stock of the corporation and the street | 3 | | address of that corporation's principal executive office; | 4 | | (3) the corporation's 4-digit North American Industry | 5 | | Classification System code number; | 6 | | (4) a unique code number, assigned by the Secretary of | 7 | | State, to identify the corporation; that code number shall | 8 | | remain constant from year to year; and | 9 | | (5) the following information used in preparing or | 10 | | contained in the corporation's most recent tax return filed | 11 | | under the Illinois Income Tax Act, or, in the case of a | 12 | | corporation that is not required to file a tax return under | 13 | | the Illinois Income Tax Act, the information that would be | 14 | | required to be reported on or used in preparing the tax | 15 | | return if the corporation had been required to file such a | 16 | | return: | 17 | | (A) the taxable income of the corporation as | 18 | | modified by paragraphs 203(b)(2)(A) through | 19 | | 203(b)(2)(E-16) of the Illinois Income Tax Act; | 20 | | (B) the base income of the corporation; | 21 | | (C) the apportionment factor in the State for the | 22 | | corporation; | 23 | | (D) the total business income of the corporation | 24 | | apportioned to the State; | 25 | | (E) the Illinois net operating loss deduction for | 26 | | the corporation, if any; |
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| 1 | | (F) the total non-business income of the | 2 | | corporation and the amount of non-business income | 3 | | allocated to the State; | 4 | | (G) the net income of the corporation; | 5 | | (H) the corporation's total State income tax | 6 | | liability before credits; | 7 | | (I) the corporation's total personal property tax | 8 | | replacement tax liability before credits; | 9 | | (J) tax credits claimed by the corporation, with | 10 | | each credit individually enumerated; | 11 | | (K) the net personal property tax replacement tax; | 12 | | and | 13 | | (L) the net corporate income tax. | 14 | | (d) A corporation doing business in this State that is not | 15 | | required to file a tax return under Section 502 of the Illinois | 16 | | Income Tax Act may, in lieu of the statement under subsection | 17 | | (c), elect to file a statement with the Secretary of State | 18 | | containing the following information: | 19 | | (1) the information specified in items (1) through (4) | 20 | | of subsection (c) of this Section; | 21 | | (2) an explanation of why the corporation is not | 22 | | required to file a corporate income tax return in this | 23 | | State, which may take the form of checking one or more | 24 | | possible explanations drafted by the Secretary of State; | 25 | | and | 26 | | (3) a designation of whether the corporation's total |
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| 1 | | gross receipts from sales to purchasers in this State | 2 | | during the taxable year was: (1) less than $10,000,000; (2) | 3 | | $10,000,000 or more but less than $50,000,000; (3) | 4 | | $50,000,000 or more but less than $100,000,000; (4) | 5 | | $100,000,000 or more but less than $250,000,000; or (5) | 6 | | $250,000,000 or more. | 7 | | Section 20. Supplemental information. Any corporation that | 8 | | is required to submit a statement under this Act is permitted | 9 | | to submit supplemental information that, in the judgment of the | 10 | | corporation, could facilitate proper interpretation of the | 11 | | information included in the statement. The method of public | 12 | | dissemination of the information contained in the statements | 13 | | required under Section 35 of this Act shall ensure that any | 14 | | such supplemental information is publicly available and that | 15 | | notification of its availability is made to any person seeking | 16 | | information contained in the statement. | 17 | | Section 25. Amended tax disclosure statements. If a | 18 | | corporation files an amended federal or State income tax | 19 | | return, then that corporation shall file a revised statement | 20 | | under this Section within 60 calendar days after the amended | 21 | | return is filed. If a corporation's tax liability for a tax | 22 | | year is changed as the result of an uncontested audit | 23 | | adjustment or final determination of liability by the | 24 | | Department of Revenue, or by a court of law as provided for in |
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| 1 | | the Illinois Income Tax Act, then the corporation shall file a | 2 | | revised statement under this Section within 60 calendar days | 3 | | after the final determination of liability. | 4 | | Section 30. Public access to tax disclosure statements. The | 5 | | statements required under this Act shall be public records. The | 6 | | Secretary of State shall make all information contained in | 7 | | those statements available to the public on an ongoing basis in | 8 | | the form of a searchable database accessible through the | 9 | | Internet. The Secretary of State shall set and collect from | 10 | | persons requesting information in the statements reasonable | 11 | | charges that cover the cost to the State of providing copies on | 12 | | appropriate computer-readable media of the entire database for | 13 | | statements filed during each calendar year as well as hard | 14 | | copies of any individual annual statement for a specific | 15 | | corporation. No statement for any corporation for a particular | 16 | | tax year shall be publicly available until the first day of the | 17 | | third calendar year following the calendar year in which the | 18 | | particular tax year ends. | 19 | | Section 35. Enforcing compliance. The accuracy of the | 20 | | statements required under this Act shall be attested to in | 21 | | writing by the chief operating officer of the corporation, and | 22 | | shall be subject to audit by the Department of Revenue, as the | 23 | | agent of the Secretary of State, in the course of and under the | 24 | | normal procedures applicable to corporate income tax return |
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| 1 | | audits. The Secretary of State by rule shall develop and | 2 | | implement an oversight and penalty system applicable to both | 3 | | the chief operating officer of the corporation and the | 4 | | corporation itself to ensure that corporations doing business | 5 | | in this State, including those not required to file a return | 6 | | under Section 502 of the Illinois Income Tax Act, shall provide | 7 | | the required attestation and disclosure statements, | 8 | | respectively, in a timely and accurate manner. The maximum | 9 | | civil penalty may not exceed $100 per statement for each day | 10 | | during which the corporation is delinquent in filing an | 11 | | original statement under Section 10 or an amended statement | 12 | | under Section 25. The Secretary of State shall publish the name | 13 | | and penalty imposed upon any corporation subject to a penalty | 14 | | for failing to file the required statement or filing an | 15 | | inaccurate statement. | 16 | | Section 40. Rules. The Secretary of State shall adopt rules | 17 | | in accordance with the Illinois Administrative Procedure Act as | 18 | | may be deemed necessary to carry out the purposes of this Act. | 19 | | Section 45. Disclosure of confidential information. | 20 | | Nothing in this Act shall require reporting or allow disclosure | 21 | | of information that is confidential and may not be disclosed | 22 | | pursuant to the Internal Revenue Code or any other federal | 23 | | statute. |
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