More than 100 organizers with Fair Economy Illinois stormed House Speaker Michael Madigan’s office in the Illinois Capitol building Wednesday demanding a meeting with him about pending corporate tax disclosure legislation.

Those with Fair Economy Illinois have been asking to meet with Madigan about the Illinois Corporate Responsibility and Tax Disclosure Act since fall of 2012.

According to the Illinois Department of Revenue, two-thirds of corporations operating in Illinois pay no corporate income tax to the state. The Illinois Corporate Responsibility and Tax Disclosure Act, HB 3627, would require publicly-held companies in Illinois to report income taxes paid to the state and disclose any tax credits received as well as net and taxable income. Check out Progress Illinois' full report on the bill here.

The measure faces fierce opposition from the Illinois Chamber of Commerce and the Illinois Manufacturers Association, among other opponents. The bill's critics say mandating companies to share such tax-related information would undermine taxpayer confidentiality and put corporations at a competitive disadvantage.

Organizers with the Fair Economy Illinois coalition said Madigan's support of the bill is necessary in order to move the measure through the House.

Fair Economy Illinois leaders issued the following statement directed to the House speaker:

It is time for you to put human need over corporate greed, to stand up for the best interests of Illinois families instead of protecting tax-dodging corporations that pad record profits with public subsidies.

Illinois is in fiscal crisis. The state has a structural deficit, and Illinoisans are angry that the legislature’s only response is to allow infrastructure to crumble and to make cuts to education, health care and other vital government services.

Meanwhile, the Illinois Department of Revenue’s 2010 Annual Report states on page 14 that fully two-thirds of corporations operating in Illinois paid no corporate income tax to the state.

House Majority Leader Barbara Flynn Currie is the primary sponsor of HB 3627 and a member of the Revenue and Finance Committee. Art Turner, vice-chairperson of the committee, is a co-sponsor of HB 3627.

 HB 3627 would require publicly traded corporations, typically the largest corporations operating in Illinois, to disclose the amount of corporate income taxes paid to the state. This information would be available to the general public via the Internet two years after the fact. Small, family-owned businesses and privately held corporations will not be affected by this legislation.

The Governor’s Office of Management and Budget reports that 80% of state revenue comes from the income taxes paid by individual wage earners and from sales tax revenue. A meager 9% of Illinois revenue comes from corporate income taxes.

Right now, Illinois’ elected officials are focused on making deep budget cuts to resolve our fiscal crisis. But with 2/3 of corporations paying $0 Illinois corporate income taxes, individual taxpayers want to know which tax breaks large, publicly traded corporations are using and whether these tax breaks are really a sound investment or an expense Illinois can’t afford.

Smart public policy is grounded in fact. But without HB 3627 (full text here), our elected officials and the public lack vital information about what corporations pay – or don't pay – in taxes, and why. No responsible budget process – and no responsible tax relief for Illinois residents – can be crafted without this vital information.