….To better monitor state subsidies to corporations, a UW-Madison think tank has called for a searchable database to track whether that money actually benefits the Wisconsin economy. Patterned after a system recently implemented in Illinois, the database would include how much companies pay in state taxes, how much business they do in the state and how much financial help they get.
In 2003, Illinois passed a Corporate Accountability Act, considered one of the most comprehensive corporate disclosure laws in the country. As part of that act, companies receiving state economic development money must also report on their progress in job creation, retention and wage promises.
“This level of transparency is key for policy makers and the public to better evaluate the tax system and see if it is truly working in the economic interests of the state,” said Kate Gordon, lead author of the report for the Center on Wisconsin Strategy.