CFC Supports AB 318 (Skinner) - Corporate Tax Transparency
January 9th, 2012
Bill Update: AB 318 (Skinner) is scheduled to be heard in the Assembly Revenue and Taxation Committee on January 9th, 2012.
CFC Position: Support
AB 318 (Skinner) would create a database of publicly traded corporations and the amount they claim in tax expenditures on the existing Reporting Transparency in Government website.
In a time when critical social services are being significantly scaled back due to budget shortfalls - it is essential that every entity that benefits from government is contributing their share in taxes. Unfortunately, we know that this may not always be the case. Corporations receive consistent tax breaks with little to no requirement as to how those extra funds are used. AB 318 will shed some light on what actions, if any, corporations take to repay the tax breaks they are given with actions that will benefit Californians.
Consumers who invest their dollars in corporations have a right to know whether or not their investment is going to a responsible corporate citizen. By adding corporate tax breaks to the Reporting Transparency in Government website, consumers will be afforded an opportunity to make informed decisions as to which corporations are best suited to their values regarding corporate social responsibility.