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HB3419

  • Hastings champions new law to level playing field for small businesses

    hastings 110817SPRINGFIELD– Figures reported by U.S. Public Interest Research Groups found the federal government lost over $150 billion in revenue in 2013 due to offshore corporate tax havens. 

    State Senator Michael E. Hastings (D-Tinley Park) championed the override of the governor’s veto of House Bill 3419 to level the playing field among businesses that compete for state contracts and investments.

  • Hastings works to even the playing field for Illinois small businesses

    hastings 052617SPRINGFIELD – Figures reported by U.S. Public Interest Research Groups found the federal government lost over $150 billion in revenue in 2013 due to offshore corporate tax havens. 

    State Senator Michael E. Hastings (D-Tinley Park) passed House Bill 3419 to level the playing field among businesses that compete for state contracts and investments.

    “Corporations that use offshore tax havens to avoid paying taxes should not be rewarded with state contracts and business,” Hastings said. “If businesses are going to avoid paying taxes, they should not be making money off of tax payer dollars.”

    House Bill 3419 will prohibit expatriate corporations from submitting bids or entering into contracts with state agencies. 

    Expatriate corporations utilize tax havens to avoid paying taxes.

    “It is plain and simple. If corporations don’t pay taxes they should not benefit from state contracts,” Hastings said. “We need to give local businesses that play fair and pay their fair share of Illinois income taxes a chance to compete and be successful when they bid for state contracts.”

    This will apply to any foreign country that does not impose a substantial income tax or substantial business activity tax.

    House Bill 3419 passed the Senate with bipartisan support.

  • Rauner veto of Martinez measure harmful to local businesses

    martinez 051917SPRINGFIELD — Majority Caucus Whip Iris Y. Martinez (D-Chicago) said Gov. Bruce Rauner’s veto of legislation leveling the playing field among businesses competing for state contracts is a blow to local and state business owners.

    “This is a governor who claims he is pro-business, but his actions show otherwise,” said Martinez, who sponsored the measure in the Senate. “He is favoring large corporations over the small businesses that are so vital to our state’s economy.”

    Rauner issued a veto last Friday of legislation that aims to stop businesses that move to foreign countries to avoid paying state taxes from entering into state contracts.

    The Illinois State Treasurer’s Office supported the legislation, saying state contracts should be awarded to local and state businesses that pay their fair share of Illinois income taxes.

    "Governor Rauner's veto sends the wrong message to American corporations that engage in offshore tax avoidance schemes," said State Treasurer Michael Frerichs. "Companies that use these unfair tactics to shift taxes onto other Illinois citizens and businesses should not be rewarded with lucrative state contracts."

    The measure includes exceptions for companies for which the state contract is awarded as a sole source procurement or companies that are purchasing medical products and/or drugs.

    House Bill 3419 received bipartisan support in both Houses and was sent to the governor at the end of June.