CHICAGO – A new law introduced by state Rep. Jaime Andrade, D-Chicago, that will prohibit investment of state dollars in companies that use overseas tax havens has begun to identify businesses that will be disqualified from future taxpayer investment.
“This law’s first report identifies companies who benefit from our tax dollars all the while going behind our backs and hiding their profits overseas,” Andrade said. “In a time where the middle-class and working families are struggling to make ends meet, it is time that corporations start paying their fair-share.”
Andrade’s House Bill 3419, which was passed last November, prohibits tax dollars from being invested in or used for state contracts with corporations who stash their profits overseas to avoid paying taxes. The law required 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. The newly released report listed six companies in violation of the new law, which included luggage makers and oil drillers. Identified companies will be notified before final action is taken. A full list of prohibited companies can be found at the Illinois Investment Policy Board’s website at: https://www2.illinois.gov/sites/iipb/Pages/ProhibitedInvestmentList.aspx.
“Corporations should not be able to make money off of tax payers when they will not pay taxes themselves,” Andrade said. “I am hopeful that this new law and reporting requirement will pressure corporations to start doing the right thing and stop using tax havens to avoid giving back to our communities.”
Visit Rep Jaime Andrade website
260-W Stratton Office Building
Springfield, IL 62706
(217) 558-4551 FAX
3657 N. Kedzie
Chicago, IL 60618
(773) 267-2840 FAX