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In addition to asking for a constitutional amendment, the Arkansas initiative would require corporations to abide by the state's corporate spending ban -- which was gutted by the Citizens United decision -- in order to obtain limited liability protection.
A much more modest campaign finance proposal, which would require corporations to disclose their political donations, has still not been approved by Congress.
The new regulations would require corporations to disclose shelters on their tax returns if any two of six conditions are met.
The Senate measure would require corporations, unions and any other organization paying for election-cycle messages to disclose expenditures of $10,000 or more within 24 hours and identify donors writing checks of $10,000 or more.
In response, Helen Grant, the minister for courts and victims, said the government would "actively consider" amendments to the bill that would require corporations to show financial loss before they can sue for libel.
Rather it would require corporations, unions and any other organized group paying for election-cycle messages to disclose expenditures of $10,000 or more within 24 hours of making them, and to identify donors who write checks of $10,000 or more.
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In an effort to keep U.S. citizens from setting up shell corporations as a vehicle for tax avoidance, the bill would require foreign corporations to identify for the IRS any American who has more than a 10% ownership stake in the business.
The Internal Revenue Service said on Tuesday that it would require large corporations to reveal basic information about their tax transactions, a surprise move intended to root out questionable or illegal tax shelters.
In September, the US Securities and Exchange Committee SECC), which has been tasked with enforcing the number of provisions contained within the Dodd-Frank Wall Street reform act, issued a proposal that would require US corporations to publicly disclose their pay ratios.
The final bill is said to be pretty close to that original framework, minus a provision that would require that corporations increase disclosure of political spending to their shareholders (this is to be included in a separate Financial Services bill instead).
The latest is from Rep. Mike Capuano (D-Mass)., whose legislation would require a corporation to get approval from a majority of its shareholders before spending any money on electioneering communications.
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