Illinois can save $108 million per year by closing a loophole that allows companies to dodge taxes using offshore tax havens.
Lawmakers in Montana and Oregon did it. Illinois legislators should follow suit and improve the state's difficult fiscal situation by $108 million.
Why is this important?
Illinois faces enough fiscal challenges without profitable companies abusing the tax code to the tune of $108 million.
Montana and Oregon have already passed laws to recoup money stashed in offshore tax havens like the Cayman Islands. If we enacted the same policy here in Illinois, it would generate $108 million per year. That money could hire 3,000 new teachers or simply reduce the pressure to raise taxes.
Illinois legislators need to hear that you support closing this offshore tax haven loophole.
Illinois PIRG