Illinois lawmakers want to go after corporate profits in tax havens
Illinois lawmakers have introduced a plan to require corporations to pay the state a cut of profits earned in offshore tax havens.
The legislation lists 48 countries that are known as tax havens. Under the proposal, the state would get a cut of the profits if a company doing business in Illinois makes money in one of those countries. Supporters of the bill estimate that it would result in $343 million in additional corporate tax revenue every year.
Another report said the state could net more than $1 billion annually with the change in tax law.
Sponsor Greg Harris, D-Chicago, said the state needs money and this would be a way to make businesses pay what he called their fair share.
Read more: https://www.ilnews.org/news/economy/illinois-lawmakers-want-to-go-after-corporate-profits-in-tax/article_68c8979e-2b0a-11e9-9e7b-fb0e0d09feb0.html