Office of the City Clerk - Record #: O2012-8304

• Record #: O2012-8304
• Type: Ordinance
• Status: Failed to Pass
• Intro date: 12/12/2012
• Current Controlling Legislative Body: Committee on Finance
• Final action: 5/20/2015
• Title: Amendment of Municipal Code Chapter 2-154 regarding required disclosures for corporate taxes
• Sponsors: Burke, Edward M.
• Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 154 Disclosure of Ownership Interest in Entities
• Related files: R2015-407

Date	Journal Page Number	Action By	Action	Result
5/20/2015		City Council	Failed to Pass
1/15/2013		Committee on Finance	Held in Committee	Pass
12/12/2012	44748	City Council	Referred

Committee on Finance

ORDINANCE

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:

SECTION 1. Chapter 2-154 of the Municipal Code of the City of Chicago is hereby amended by inserting a new Section 2-154-017, as follows:

2-154-017 Corporate Taxes - Disclosure required.
This section shall be known as the "Corporate Tax Disclosure Ordinance." The purpose of this section is to promote full and accurate disclosure of the tax payments of corporations seeking city action.
As used in this section:

"City action" means any action requiring an ordinance, or ordinance amendment, city council approval, or other city agency or department approval, with respect to the sale or purchase of real estate, real property tax reclassifications, leases, and contracts.

"Corporation" means any entity subject to the tax imposed on corporations by Section 201 of the Illinois Income Tax Act or by Section 11 of the Internal Revenue Code of 1986, which is publicly traded, including corporations traded on foreign stock exchanges or with respect to which 50% or more of the voting stock is owned, directly or indirectly, by a publicly traded corporation. For purposes of this section, "corporation" shall not include "qualified personal service corporations," as defined in Section 448 of the Internal Revenue Code of 1986, as amended.
In addition to any other information required by law, whenever any corporation makes application to the City for any city action as defined in subsection (d) of this section, the following disclosures and information shall be certified and attached to the application:

(1) the following information used in preparing or contained in the corporation's most recent tax return filed under the Illinois Income Tax Act, or, in the case of a corporation that is not required to file a tax return under the Illinois Income Tax Act, the information that would be required to be reported on or used in preparing the tax return if the corporation had been required to file...