SPRINGFIELD, Ill. – In response to multi-million dollar corporations purposely hiding funds overseas to avoid paying state taxes, state Rep. Larry Walsh, D-Elwood, recently voted to enact a new law forbidding the state to contract with or invest in these corporations that are failing to pay their fair share. While Gov. Bruce Rauner sided with corporations that skirt the law to pad their profits, Walsh worked with Republicans and Democrats to make this measure law and ensure the state is investing in businesses that invest in Illinois.
“Middle-class families faithfully pay their taxes and wealthy corporations should be held to the same standard,” Walsh said. “I think it’s wrong to give taxpayer dollars to companies who are using loopholes and gimmicks to avoid paying their fair share. We should be investing our tax dollars in businesses that are working to create jobs here in Illinois, not helping big corporations rig the system.”
Walsh’ House Bill 3419 brings Illinois into a similar practice used by the federal government since 2003 by restricting 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.
“I am sick and tired of the middle-class being taken advantage of by corporations who hide their profits in offshore tax havens,” Walsh said. “My measure holds the 1 percent accountable by hitting them where it hurts, their pocket book. If corporations want taxpayer dollars to be invested in their company, then they must play by the same rules as our families, and put Illinois jobs first.”