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SD 2291

An Act to require public disclosures by publicly-traded corporate taxpayers

194th Legislature (2025-2026) Introduced by Liz Miranda

SD 2291 - An Act to require public disclosures by publicly-traded corporate taxpayers OverviewBill Number: SD 2291 Title: An Act to require public disclosures by publicly-traded c

House concurred
0
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Bill Summary · SD 2291

SD 2291 - An Act to require public disclosures by publicly-traded corporate taxpayers

Overview

Bill Number: SD 2291
Title: An Act to require public disclosures by publicly-traded corporate taxpayers
Status: House concurred
Introduced: February 27, 2025

Purpose and Intent

The primary goal of this bill is to increase transparency and accountability for publicly-traded corporations by mandating the public disclosure of certain tax and financial information. The rationale is that greater transparency will allow the public, shareholders, and policymakers to better understand the tax practices and contributions of large corporations.

Key Provisions

  • Requires all publicly-traded corporations to annually publish a detailed public report on their global tax payments, effective tax rates, and other key financial metrics
  • Mandates the disclosure of a corporation's total worldwide revenues, profits, and taxes paid in each country where they operate
  • Compels corporations to report the number of employees, tangible assets, and sales in each jurisdiction
  • Directs the IRS to develop standardized reporting templates and guidelines for these public disclosures
  • Establishes penalties for corporations that fail to comply with the new disclosure requirements

Affected Parties and Impacts

This bill would directly impact all publicly-traded corporations in the United States, requiring them to gather, analyze, and publicly report a significant amount of new tax and financial data. Proponents argue this will increase corporate transparency and accountability, while critics contend it could impose substantial compliance costs and competitively sensitive information.

Procedural and Timeline Considerations

The bill has passed the Senate and is currently under consideration in the House of Representatives. If the House concurs, it will be sent to the President for signature into law. If enacted, the new public disclosure requirements would take effect for the first full tax year after the bill's passage, giving corporations time to prepare the necessary reporting systems and processes.

Compiled from official sources — confirm details with the bill’s official record.

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