Corporate Tax Secrecy in California

CALPIRG has published Sunshine for California: Shining Light On Corporate Tax Secrecy For Healthier State Budgets, Investments and Markets:

Combining research from a variety of academic and governmental sources, the white paper calls for greater disclosure and increased transparency in corporate tax returns, particularly with regards to discrepancies in reported profits. The report comes at a time when the California Legislature is considering a proposal to require large publicly owned corporations to give more detailed information to the state’s Franchise Tax Board about the differences between reported book and tax income. The IRS began requiring large corporations to submit more detailed information, but states like California have yet to follow their lead.