Governor Wants Corporations to Disclose Loopholes

The Democrat Wednesday proposed legislation requiring tax disclosure. It would apply to publicly traded companies, banks, insurance companies and private companies with assets of $100 million or more.

Blagojevich says the state allows $1 billion in corporate income tax breaks every year, but state law prohibits the Revenue Department from disclosing what companies are benefiting.

Blagojevich says 95 of the Fortune 100 companies do business in Illinois and 30 of them paid no income taxes in 2002. Twelve others paid tax in 2002, but not in the two previous years.