Illinois bill requiring public disclosure of tax information passes Senate

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On November 28, 2012, the Illinois Senate passed by a 30-27 margin S.B. 282, Senate Amendment 2, the Illinois Corporate Tax Disclosure and Responsibility Act ("Act"). For tax years ending on or after December 31, 2012, S.B. 282 would require corporations doing business in Illinois to disclose certain tax information to the Secretary of State. The disclosed information would be available to the public via a searchable database accessible through the Internet. The bill will now be taken up by the Illinois House for further consideration.



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