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posted: 11/27/2012 9:46 AM

Ill. legislative leaders back tax `transparency'

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Associated Press

SPRINGFIELD -- Democratic leaders in the Illinois General Assembly are backing legislation that would require some corporations to reveal their income-tax bills.

Senate President John Cullerton and House Majority Leader Barbara Flynn Currie will announce their support Tuesday for the measure. Tuesday is the first day of the Legislature's fall veto session.

The Chicago Democrats want publicly traded corporations to post online the amount of corporate income taxes they paid two years prior to publication. The lawmakers say that would reduce potential competitive disadvantage to businesses that must publicize expenditures.

Officials say two-thirds of corporations pay no income taxes because of deductions, tax breaks and "loopholes."

Backers say lawmakers can't decide on a fair corporate tax structure without knowing what businesses pay.

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