Illinois Companies and Wealth Individuals Hide Millions in Off-shore Accounts
Chicago Tribune
BUSINESS
Tax havens cost Illinois $2.5B in 2011, group finds
February 05, 2013|By Kathy Bergen | Tribune reporter
A study by the Illinois Public Interest Research Group finds that tax havens cost the state more than $2 billion in revenue in 2011. (Handout)
Illinois lost an estimated $2.5 billion in annual income tax revenue in 2011 as the result of corporations and wealthy individuals using off-shore tax havens, according to a study released Tuesday by the Illinois Public Interest Research Group. This was the fourth largest loss for a state.
California topped the list, with an estimated $7.1 billion in lost corporate and personal income taxes, followed by New York, at $4.3 billion, and New Jersey, at $2.8 billion.
