CHICAGO – State Rep. John D’Amico, D-Chicago, is cracking down on big corporations that rig the system and don’t pay their fair share by enacting a new law prohibiting taxpayer-funded deals for companies that dodge Illinois taxes and stash their profits in offshore tax havens.
“When the big corporations make their own rules, the little guys get stuck with the bill,” D’Amico said. “Corporations that decide that they want to hoard cash in the Caribbean should not be expecting any checks from the state of Illinois.”
While Gov. Bruce Rauner sided with big corporations that hide their profits to avoid paying taxes by trying to veto House Bill 3419, D’Amico voted with Democrats and Republicans to reject the governor’s veto and make the measure law. D’Amico’s new law will invest in businesses that invest in Illinois by prohibiting companies that hide assets from receiving taxpayer-funded contracts or state pension investment deals. The legislation also requires the Illinois Investment Policy Board to investigate and identify a list of large corporations that the state should prohibit contracting with.
“Governor Rauner’s decision to veto this legislation shows that he is looking to protect his CEO friends rather than not small business,” D’Amico continued. “I am glad that Democrats and Republicans came together to override his veto to invest more Illinois money here at home rather than overseas.”