SB1563 100TH GENERAL ASSEMBLY

LRB100 07931 HLH 18004 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB1563

Introduced 2/9/2017, by Sen. Bill Cunningham

SYNOPSIS AS INTRODUCED:

35 ILCS 5/250.1 new
35 ILCS 10/5-95 new

Amends the Illinois Income Tax Act and the Economic Development for a Growing Economy Tax Credit Act. Provides that no tax credit may be granted under either of those Acts for any publicly traded company that reports a pay ratio between its chief executive officer's compensation and its employees' median pay of more than 200:1 on a disclosure filed with the United States Securities and Exchange Commission during the taxable year in accordance with the pay ratio disclosure requirement of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by adding Section 250.1 as follows:

(35 ILCS 5/250.1 new)

Sec. 250.1. Tax credits prohibited; pay ratio. On and after the effective date of this amendatory Act of the 100th General Assembly, no tax credit may be granted under this Article 2 or the Economic Development for a Growing Economy Tax Credit Act for any publicly traded company that reports a pay ratio between its chief executive officer's compensation and its employees' median pay of more than 200:1 on a disclosure filed with the United States Securities and Exchange Commission during the taxable year in accordance with the pay ratio disclosure requirement of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Section 10. The Economic Development for a Growing Economy Tax Credit Act is amended by adding Section 5-95 as follows:

(35 ILCS 10/5-95 new)

Sec. 5-95. Tax credits prohibited; pay ratio. On and after the effective date of this amendatory Act of the 100th General Assembly, no tax credit may be granted under this Act or under Article 2 of the Illinois Income Tax Act for any publicly traded company that reports a pay ratio between its chief executive officer's compensation and its employees' median pay of more than 200:1 on a disclosure filed with the United States Securities and Exchange Commission during the taxable year in accordance with the pay ratio disclosure requirement of the Dodd-Frank Wall Street Reform and Consumer Protection Act.