Text Size
Login

SB1115

  • Sen. Heather A. SteansSPRINGFIELD – State Senator Heather Steans (D-Chicago) introduced legislation yesterday that will crack down on corporations shifting their profits to offshore tax havens.

    Her measure would convert Illinois’ corporate tax system from mandatory “water’s edge” combined reporting that includes only companies with more than 20 percent of their business activity in the United States to a default worldwide combined reporting requirement.

    Steans said at a press conference today that her legislation will provide much-needed revenue for Illinois.

    “We want a fair income tax. That’s going to take time, but we need revenue for our state now,” Steans said. “This is one part of a solution, but it’s a critical one.”