100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB2458

 

Introduced , by Rep. Mary E. Flowers

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 820/1  from Ch. 121 1/2, par. 1001
35 ILCS 820/2  from Ch. 121 1/2, par. 1002

    Amends the Stock, Commodity, or Options Transaction Tax Exemption Act. Provides that a home rule municipality with 1,000,000 or more inhabitants may, by ordinance, levy a tax on stock, commodity or options transactions. Effective immediately.


LRB100 07869 HLH 17940 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB2458LRB100 07869 HLH 17940 b

1    AN ACT concerning local government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Stock, Commodity, or Options Transaction Tax
5Exemption Act is amended by changing Sections 1 and 2 as
6follows:
 
7    (35 ILCS 820/1)  (from Ch. 121 1/2, par. 1001)
8    Sec. 1. No unit of local government shall levy any tax on
9stock, commodity or options transactions, except that,
10beginning on January 1, 2018, a home rule municipality with
111,000,000 or more inhabitants may, by ordinance, levy such a
12tax.
13(Source: P.A. 82-1035.)
 
14    (35 ILCS 820/2)  (from Ch. 121 1/2, par. 1002)
15    Sec. 2. No home rule unit, as defined in Article VII of the
16Illinois Constitution, other than a home rule municipality with
171,000,000 or more inhabitants, shall have the power to change,
18alter or amend in any way the provisions of Article I of this
19Act, and it is declared to be the law of this State, pursuant
20to paragraph (g) of Section 6 of Article VII of the
21Constitution, that home rule units with a population of less
22than 1,000,000 inhabitants shall not have the power to levy any

 

 

HB2458- 2 -LRB100 07869 HLH 17940 b

1tax on stock commodity or options transactions.
2(Source: P.A. 82-1035.)
 
3    Section 99. Effective date. This Act takes effect upon
4becoming law.