SPRINGFIELD – Taking a stand against multi-million dollar corporations that purposely hide funds overseas to avoid paying state taxes, state Rep. Silvana Tabares, D-Chicago, voted to override Gov. Bruce Rauner’s veto of legislation that forbids the state to contract with or invest in corporations that are failing to pay their fair share.
“Middle-class families are hurting and feel betrayed by a system that only benefits the ultra-wealthy,” Tabares said. “I am sick and tired of companies using loopholes to avoid paying their fair share, forcing hard-working families to pay for their greed.”
Tabares’ House Bill 3419 brings Illinois into a similar practice used by the federal government since 2003 to restrict the state from contracting with or investing state funds in expatriate corporations that avoid paying taxes by stashing profits overseas. Additionally, the proposal requires the Illinois Investment Policy Board to investigate and identify a list of expatriate corporations and report the list to the state by April 1, 2018.
“Whenever multi-million dollar companies skirt their responsibility to pay state taxes, they are sending a clear message that they are more concerned about making profit than the well-being of our children and most vulnerable citizens,” Tabares said. “I refuse to let these companies continue to take advantage of our people.”