By JEFFREY BISHKU-AYKUL
Assistant to the Editor
Ald. Will Burns (4th) introduced an ordinance Wednesday that would require publicly traded companies seeking city favors to disclose how much they pay in state income taxes.
Thirteen aldermen, including Ald. Leslie Hairston (5th), have co-sponsored the Chicago Corporate Reponsibility and Tax Disclosure Act. The legislation would apply to foreign and U.S. companies that request subsidies from or seek contracts with the city.
“The ultimate goal is to have a conversation,” Burns said. “One of the things that policy-makers should know before we provide economic incentives to these large corporations is whether or not they’re paying state corporate income tax and how much.”