Andrade Measure to Crack Down on Corporate Overseas Tax Havens Advances Through Committee

SPRINGFIELD, Ill. – In an effort to crack down on corporations that are hiding profits overseas to evade paying taxes, state Rep. Jaime Andrade, D-Chicago, passed legislation Wednesday out of the House State Government Administration Committee.

“It’s unacceptable that there is a tax loophole that permits corporations to funnel their profits through oversea tax havens and get out of paying state taxes,” Andrade said. “This is the exact kind of progressive revenue source we need so we can increase funding for education—especially given the recent budget crisis facing CPS.”

Andrade’s proposal, House Bill 3419, ensures that businesses who are paid with tax payer dollars are not hiding their profits in overseas tax havens and dodging their duty to pay their fair share while reaping the rewards of state contracts and state investments. The measure is a joint effort between Rep. Andrade and Illinois State Treasurer, Mike Frerichs.