The Assembly gave final legislative approval today to heavily lobbied legislation that would post corporations' use of tax loopholes on the Internet.
Business groups oppose the bill, Assembly Bill 2666 by Assemblywoman Nancy Skinner, D-Berkeley, so it's uncertain that Gov. Arnold Schwarzenegger would sign the measure.
AB 2666 is one of a series of bills dealing with state tax loopholes - an issue that will be placed before voters in November in the form of Proposition 24, which would repeal two major corporate tax breaks that the Legislature enacted last year.
The bill, sent to Schwarzenegger on a 41-19 vote, sparked a sharp debate on the Assembly floor with Republicans saying that exposing corporations' state tax breaks would discourage business investment. Skinner and other supporters said it would bring sunshine into an multi-billion-dollar indirect expenditure that usually escapes public notice.
Specifically, AB 2666 would require the Franchise Tax Board to compile information on "tax expenditures" claimed by publicly traded companies and the data to be published on the "Reporting Transparency in Government" website.
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