101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB0023

 

Introduced 1/9/2019, by Rep. Mary E. Flowers

 

SYNOPSIS AS INTRODUCED:
 
New Act
5 ILCS 100/5-45  from Ch. 127, par. 1005-45

    Creates the Financial Transaction Tax Act. Beginning January 1, 2020, imposes a tax on the privilege of engaging in a financial transaction on any of the following exchanges or boards of trade: the Chicago Stock Exchange; the Chicago Mercantile Exchange; the Chicago Board of Trade; or the Chicago Board Options Exchange. Provides that the tax is imposed at a rate of $1 per transaction for all transactions for which the underlying asset is an agricultural product, a financial instruments contract, or an options contract. Provides that transactions executed via open outcry that are physically filled on the exchange floor are exempt from the tax. Provides that the term "financial transaction" means a transaction involving the purchase or sale of a stock contract, futures contract, swap contract, credit default swap contract, or options contract, but does not include a transaction involving securities held in a retirement account or a transaction involving a mutual fund. Effective January 1, 2020.


LRB101 03958 HLH 48966 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB0023LRB101 03958 HLH 48966 b

1    AN ACT concerning revenue.
 
2    WHEREAS, The State of Illinois currently faces a serious
3budget crisis; and
 
4    WHEREAS, A financial transaction tax is a fair and
5sustainable source of revenue for the State; and
 
6    WHEREAS, A financial transaction tax will promote job
7growth and economic stability and reduce the negative effects
8created by high frequency trading; therefore
 
9    Be it enacted by the People of the State of Illinois,
10represented in the General Assembly:
 
11    Section 1. Short title. This Act may be cited as the
12Financial Transaction Tax Act.
 
13    Section 3. Definitions. As used in this Act:
14    "Department" means the Department of Revenue.
15    "Financial transaction" means a transaction involving the
16purchase or sale of a stock contract, futures contract, futures
17options contract, swap contract, credit default swap contract,
18or options contract, but does not include a transaction
19involving securities held in a retirement account or a
20transaction involving a mutual fund.
 

 

 

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1    Section 5. Tax imposed; definitions.
2    (a) Beginning January 1, 2020, a tax is imposed on the
3privilege of engaging in a financial transaction on any of the
4following exchanges or boards of trade: the Chicago Stock
5Exchange; the Chicago Mercantile Exchange; the Chicago Board of
6Trade; or the Chicago Board Options Exchange. The tax is
7imposed at a rate of $1 for each transaction for which the
8underlying asset is an agricultural product, a financial
9instruments contract, or an options contract. The tax shall be
10paid by the trading facility or, in any other case, by the
11purchaser involved in the transaction. All transactions
12executed via open outcry that are physically filled on the
13exchange floor are exempt from the tax.
14    (b) The tax shall be collected by the exchange or board of
15trade and shall be remitted to the Department of Revenue
16biannually in the form and manner required by the Department.
17The exchange or board of trade may retain 5% of the amount
18collected, which is allowed to reimburse the exchange or board
19of trade for the expenses incurred in keeping records,
20preparing and filing returns, remitting the tax, and supplying
21data to the Department on request.
22    (c) Subject to the provisions of subsection (b), the tax
23imposed under this Act, and all civil penalties that may be
24assessed as an incident thereof, shall be administered,
25collected, and enforced by the Department of Revenue, and

 

 

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1commodity brokers shall register with the Department in the
2same manner as required under the Retailers' Occupation Tax Act
3insofar as may be applicable. The Department of Revenue has
4full power to administer and enforce this Act, to collect all
5taxes and penalties due under this Act, to dispose of taxes and
6penalties so collected as provided in this Act, and to
7determine all rights to credit memoranda arising on account of
8the erroneous payment of a tax or penalty under this Act. The
9Department of Revenue shall pay over to the State Treasurer all
10moneys remitted to the Department under this Act for deposit
11into the General Revenue Fund.
 
12    Section 10. Recordkeeping. Each exchange or board of trade
13that is subject to the tax under this Act shall keep records
14and books of all transactions giving rise to a tax under this
15Act. Those books and records shall be kept in the English
16language and shall, at all times during business hours of the
17day, be subject to inspection by the Department or its duly
18authorized agents and employees.
 
19    Section 15. Retailers' Occupation Tax Act and Uniform
20Penalty and Interest Act adopted. The provisions of Sections 4,
215, 5f, 5i, 6, 6a, 6b, 6c, 8, 9, 10, and 12 of the Retailers'
22Occupation Tax Act which are not inconsistent with this Act,
23and Section 3-7 of the Uniform Penalty and Interest Act, shall
24apply as far as practicable to the subject matter of this Act

 

 

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1to the same extent as if those provisions were included in this
2Act.
 
3    Section 20. Rules. The Department shall adopt
4administrative rules to implement and administer this Act.
5Initial rules may be adopted as emergency rules.
 
6    Section 25. Interstate commerce exemption. No tax is
7imposed under this Act upon the privilege of engaging in a
8business in interstate commerce or otherwise when the business
9may not, under the Constitution and statutes of the United
10States, be made the subject of taxation by this State.
 
11    Section 900. The Illinois Administrative Procedure Act is
12amended by changing Section 5-45 as follows:
 
13    (5 ILCS 100/5-45)  (from Ch. 127, par. 1005-45)
14    Sec. 5-45. Emergency rulemaking.
15    (a) "Emergency" means the existence of any situation that
16any agency finds reasonably constitutes a threat to the public
17interest, safety, or welfare.
18    (b) If any agency finds that an emergency exists that
19requires adoption of a rule upon fewer days than is required by
20Section 5-40 and states in writing its reasons for that
21finding, the agency may adopt an emergency rule without prior
22notice or hearing upon filing a notice of emergency rulemaking

 

 

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1with the Secretary of State under Section 5-70. The notice
2shall include the text of the emergency rule and shall be
3published in the Illinois Register. Consent orders or other
4court orders adopting settlements negotiated by an agency may
5be adopted under this Section. Subject to applicable
6constitutional or statutory provisions, an emergency rule
7becomes effective immediately upon filing under Section 5-65 or
8at a stated date less than 10 days thereafter. The agency's
9finding and a statement of the specific reasons for the finding
10shall be filed with the rule. The agency shall take reasonable
11and appropriate measures to make emergency rules known to the
12persons who may be affected by them.
13    (c) An emergency rule may be effective for a period of not
14longer than 150 days, but the agency's authority to adopt an
15identical rule under Section 5-40 is not precluded. No
16emergency rule may be adopted more than once in any 24-month
17period, except that this limitation on the number of emergency
18rules that may be adopted in a 24-month period does not apply
19to (i) emergency rules that make additions to and deletions
20from the Drug Manual under Section 5-5.16 of the Illinois
21Public Aid Code or the generic drug formulary under Section
223.14 of the Illinois Food, Drug and Cosmetic Act, (ii)
23emergency rules adopted by the Pollution Control Board before
24July 1, 1997 to implement portions of the Livestock Management
25Facilities Act, (iii) emergency rules adopted by the Illinois
26Department of Public Health under subsections (a) through (i)

 

 

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1of Section 2 of the Department of Public Health Act when
2necessary to protect the public's health, (iv) emergency rules
3adopted pursuant to subsection (n) of this Section, (v)
4emergency rules adopted pursuant to subsection (o) of this
5Section, or (vi) emergency rules adopted pursuant to subsection
6(c-5) of this Section. Two or more emergency rules having
7substantially the same purpose and effect shall be deemed to be
8a single rule for purposes of this Section.
9    (c-5) To facilitate the maintenance of the program of group
10health benefits provided to annuitants, survivors, and retired
11employees under the State Employees Group Insurance Act of
121971, rules to alter the contributions to be paid by the State,
13annuitants, survivors, retired employees, or any combination
14of those entities, for that program of group health benefits,
15shall be adopted as emergency rules. The adoption of those
16rules shall be considered an emergency and necessary for the
17public interest, safety, and welfare.
18    (d) In order to provide for the expeditious and timely
19implementation of the State's fiscal year 1999 budget,
20emergency rules to implement any provision of Public Act 90-587
21or 90-588 or any other budget initiative for fiscal year 1999
22may be adopted in accordance with this Section by the agency
23charged with administering that provision or initiative,
24except that the 24-month limitation on the adoption of
25emergency rules and the provisions of Sections 5-115 and 5-125
26do not apply to rules adopted under this subsection (d). The

 

 

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1adoption of emergency rules authorized by this subsection (d)
2shall be deemed to be necessary for the public interest,
3safety, and welfare.
4    (e) In order to provide for the expeditious and timely
5implementation of the State's fiscal year 2000 budget,
6emergency rules to implement any provision of Public Act 91-24
7or any other budget initiative for fiscal year 2000 may be
8adopted in accordance with this Section by the agency charged
9with administering that provision or initiative, except that
10the 24-month limitation on the adoption of emergency rules and
11the provisions of Sections 5-115 and 5-125 do not apply to
12rules adopted under this subsection (e). The adoption of
13emergency rules authorized by this subsection (e) shall be
14deemed to be necessary for the public interest, safety, and
15welfare.
16    (f) In order to provide for the expeditious and timely
17implementation of the State's fiscal year 2001 budget,
18emergency rules to implement any provision of Public Act 91-712
19or any other budget initiative for fiscal year 2001 may be
20adopted in accordance with this Section by the agency charged
21with administering that provision or initiative, except that
22the 24-month limitation on the adoption of emergency rules and
23the provisions of Sections 5-115 and 5-125 do not apply to
24rules adopted under this subsection (f). The adoption of
25emergency rules authorized by this subsection (f) shall be
26deemed to be necessary for the public interest, safety, and

 

 

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1welfare.
2    (g) In order to provide for the expeditious and timely
3implementation of the State's fiscal year 2002 budget,
4emergency rules to implement any provision of Public Act 92-10
5or any other budget initiative for fiscal year 2002 may be
6adopted in accordance with this Section by the agency charged
7with administering that provision or initiative, except that
8the 24-month limitation on the adoption of emergency rules and
9the provisions of Sections 5-115 and 5-125 do not apply to
10rules adopted under this subsection (g). The adoption of
11emergency rules authorized by this subsection (g) shall be
12deemed to be necessary for the public interest, safety, and
13welfare.
14    (h) In order to provide for the expeditious and timely
15implementation of the State's fiscal year 2003 budget,
16emergency rules to implement any provision of Public Act 92-597
17or any other budget initiative for fiscal year 2003 may be
18adopted in accordance with this Section by the agency charged
19with administering that provision or initiative, except that
20the 24-month limitation on the adoption of emergency rules and
21the provisions of Sections 5-115 and 5-125 do not apply to
22rules adopted under this subsection (h). The adoption of
23emergency rules authorized by this subsection (h) shall be
24deemed to be necessary for the public interest, safety, and
25welfare.
26    (i) In order to provide for the expeditious and timely

 

 

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1implementation of the State's fiscal year 2004 budget,
2emergency rules to implement any provision of Public Act 93-20
3or any other budget initiative for fiscal year 2004 may be
4adopted in accordance with this Section by the agency charged
5with administering that provision or initiative, except that
6the 24-month limitation on the adoption of emergency rules and
7the provisions of Sections 5-115 and 5-125 do not apply to
8rules adopted under this subsection (i). The adoption of
9emergency rules authorized by this subsection (i) shall be
10deemed to be necessary for the public interest, safety, and
11welfare.
12    (j) In order to provide for the expeditious and timely
13implementation of the provisions of the State's fiscal year
142005 budget as provided under the Fiscal Year 2005 Budget
15Implementation (Human Services) Act, emergency rules to
16implement any provision of the Fiscal Year 2005 Budget
17Implementation (Human Services) Act may be adopted in
18accordance with this Section by the agency charged with
19administering that provision, except that the 24-month
20limitation on the adoption of emergency rules and the
21provisions of Sections 5-115 and 5-125 do not apply to rules
22adopted under this subsection (j). The Department of Public Aid
23may also adopt rules under this subsection (j) necessary to
24administer the Illinois Public Aid Code and the Children's
25Health Insurance Program Act. The adoption of emergency rules
26authorized by this subsection (j) shall be deemed to be

 

 

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1necessary for the public interest, safety, and welfare.
2    (k) In order to provide for the expeditious and timely
3implementation of the provisions of the State's fiscal year
42006 budget, emergency rules to implement any provision of
5Public Act 94-48 or any other budget initiative for fiscal year
62006 may be adopted in accordance with this Section by the
7agency charged with administering that provision or
8initiative, except that the 24-month limitation on the adoption
9of emergency rules and the provisions of Sections 5-115 and
105-125 do not apply to rules adopted under this subsection (k).
11The Department of Healthcare and Family Services may also adopt
12rules under this subsection (k) necessary to administer the
13Illinois Public Aid Code, the Senior Citizens and Persons with
14Disabilities Property Tax Relief Act, the Senior Citizens and
15Disabled Persons Prescription Drug Discount Program Act (now
16the Illinois Prescription Drug Discount Program Act), and the
17Children's Health Insurance Program Act. The adoption of
18emergency rules authorized by this subsection (k) shall be
19deemed to be necessary for the public interest, safety, and
20welfare.
21    (l) In order to provide for the expeditious and timely
22implementation of the provisions of the State's fiscal year
232007 budget, the Department of Healthcare and Family Services
24may adopt emergency rules during fiscal year 2007, including
25rules effective July 1, 2007, in accordance with this
26subsection to the extent necessary to administer the

 

 

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1Department's responsibilities with respect to amendments to
2the State plans and Illinois waivers approved by the federal
3Centers for Medicare and Medicaid Services necessitated by the
4requirements of Title XIX and Title XXI of the federal Social
5Security Act. The adoption of emergency rules authorized by
6this subsection (l) shall be deemed to be necessary for the
7public interest, safety, and welfare.
8    (m) In order to provide for the expeditious and timely
9implementation of the provisions of the State's fiscal year
102008 budget, the Department of Healthcare and Family Services
11may adopt emergency rules during fiscal year 2008, including
12rules effective July 1, 2008, in accordance with this
13subsection to the extent necessary to administer the
14Department's responsibilities with respect to amendments to
15the State plans and Illinois waivers approved by the federal
16Centers for Medicare and Medicaid Services necessitated by the
17requirements of Title XIX and Title XXI of the federal Social
18Security Act. The adoption of emergency rules authorized by
19this subsection (m) shall be deemed to be necessary for the
20public interest, safety, and welfare.
21    (n) In order to provide for the expeditious and timely
22implementation of the provisions of the State's fiscal year
232010 budget, emergency rules to implement any provision of
24Public Act 96-45 or any other budget initiative authorized by
25the 96th General Assembly for fiscal year 2010 may be adopted
26in accordance with this Section by the agency charged with

 

 

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1administering that provision or initiative. The adoption of
2emergency rules authorized by this subsection (n) shall be
3deemed to be necessary for the public interest, safety, and
4welfare. The rulemaking authority granted in this subsection
5(n) shall apply only to rules promulgated during Fiscal Year
62010.
7    (o) In order to provide for the expeditious and timely
8implementation of the provisions of the State's fiscal year
92011 budget, emergency rules to implement any provision of
10Public Act 96-958 or any other budget initiative authorized by
11the 96th General Assembly for fiscal year 2011 may be adopted
12in accordance with this Section by the agency charged with
13administering that provision or initiative. The adoption of
14emergency rules authorized by this subsection (o) is deemed to
15be necessary for the public interest, safety, and welfare. The
16rulemaking authority granted in this subsection (o) applies
17only to rules promulgated on or after July 1, 2010 (the
18effective date of Public Act 96-958) through June 30, 2011.
19    (p) In order to provide for the expeditious and timely
20implementation of the provisions of Public Act 97-689,
21emergency rules to implement any provision of Public Act 97-689
22may be adopted in accordance with this subsection (p) by the
23agency charged with administering that provision or
24initiative. The 150-day limitation of the effective period of
25emergency rules does not apply to rules adopted under this
26subsection (p), and the effective period may continue through

 

 

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1June 30, 2013. The 24-month limitation on the adoption of
2emergency rules does not apply to rules adopted under this
3subsection (p). The adoption of emergency rules authorized by
4this subsection (p) is deemed to be necessary for the public
5interest, safety, and welfare.
6    (q) In order to provide for the expeditious and timely
7implementation of the provisions of Articles 7, 8, 9, 11, and
812 of Public Act 98-104, emergency rules to implement any
9provision of Articles 7, 8, 9, 11, and 12 of Public Act 98-104
10may be adopted in accordance with this subsection (q) by the
11agency charged with administering that provision or
12initiative. The 24-month limitation on the adoption of
13emergency rules does not apply to rules adopted under this
14subsection (q). The adoption of emergency rules authorized by
15this subsection (q) is deemed to be necessary for the public
16interest, safety, and welfare.
17    (r) In order to provide for the expeditious and timely
18implementation of the provisions of Public Act 98-651,
19emergency rules to implement Public Act 98-651 may be adopted
20in accordance with this subsection (r) by the Department of
21Healthcare and Family Services. The 24-month limitation on the
22adoption of emergency rules does not apply to rules adopted
23under this subsection (r). The adoption of emergency rules
24authorized by this subsection (r) is deemed to be necessary for
25the public interest, safety, and welfare.
26    (s) In order to provide for the expeditious and timely

 

 

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1implementation of the provisions of Sections 5-5b.1 and 5A-2 of
2the Illinois Public Aid Code, emergency rules to implement any
3provision of Section 5-5b.1 or Section 5A-2 of the Illinois
4Public Aid Code may be adopted in accordance with this
5subsection (s) by the Department of Healthcare and Family
6Services. The rulemaking authority granted in this subsection
7(s) shall apply only to those rules adopted prior to July 1,
82015. Notwithstanding any other provision of this Section, any
9emergency rule adopted under this subsection (s) shall only
10apply to payments made for State fiscal year 2015. The adoption
11of emergency rules authorized by this subsection (s) is deemed
12to be necessary for the public interest, safety, and welfare.
13    (t) In order to provide for the expeditious and timely
14implementation of the provisions of Article II of Public Act
1599-6, emergency rules to implement the changes made by Article
16II of Public Act 99-6 to the Emergency Telephone System Act may
17be adopted in accordance with this subsection (t) by the
18Department of State Police. The rulemaking authority granted in
19this subsection (t) shall apply only to those rules adopted
20prior to July 1, 2016. The 24-month limitation on the adoption
21of emergency rules does not apply to rules adopted under this
22subsection (t). The adoption of emergency rules authorized by
23this subsection (t) is deemed to be necessary for the public
24interest, safety, and welfare.
25    (u) In order to provide for the expeditious and timely
26implementation of the provisions of the Burn Victims Relief

 

 

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1Act, emergency rules to implement any provision of the Act may
2be adopted in accordance with this subsection (u) by the
3Department of Insurance. The rulemaking authority granted in
4this subsection (u) shall apply only to those rules adopted
5prior to December 31, 2015. The adoption of emergency rules
6authorized by this subsection (u) is deemed to be necessary for
7the public interest, safety, and welfare.
8    (v) In order to provide for the expeditious and timely
9implementation of the provisions of Public Act 99-516,
10emergency rules to implement Public Act 99-516 may be adopted
11in accordance with this subsection (v) by the Department of
12Healthcare and Family Services. The 24-month limitation on the
13adoption of emergency rules does not apply to rules adopted
14under this subsection (v). The adoption of emergency rules
15authorized by this subsection (v) is deemed to be necessary for
16the public interest, safety, and welfare.
17    (w) In order to provide for the expeditious and timely
18implementation of the provisions of Public Act 99-796,
19emergency rules to implement the changes made by Public Act
2099-796 may be adopted in accordance with this subsection (w) by
21the Adjutant General. The adoption of emergency rules
22authorized by this subsection (w) is deemed to be necessary for
23the public interest, safety, and welfare.
24    (x) In order to provide for the expeditious and timely
25implementation of the provisions of Public Act 99-906,
26emergency rules to implement subsection (i) of Section 16-115D,

 

 

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1subsection (g) of Section 16-128A, and subsection (a) of
2Section 16-128B of the Public Utilities Act may be adopted in
3accordance with this subsection (x) by the Illinois Commerce
4Commission. The rulemaking authority granted in this
5subsection (x) shall apply only to those rules adopted within
6180 days after June 1, 2017 (the effective date of Public Act
799-906). The adoption of emergency rules authorized by this
8subsection (x) is deemed to be necessary for the public
9interest, safety, and welfare.
10    (y) In order to provide for the expeditious and timely
11implementation of the provisions of Public Act 100-23 this
12amendatory Act of the 100th General Assembly, emergency rules
13to implement the changes made by Public Act 100-23 this
14amendatory Act of the 100th General Assembly to Section 4.02 of
15the Illinois Act on the Aging, Sections 5.5.4 and 5-5.4i of the
16Illinois Public Aid Code, Section 55-30 of the Alcoholism and
17Other Drug Abuse and Dependency Act, and Sections 74 and 75 of
18the Mental Health and Developmental Disabilities
19Administrative Act may be adopted in accordance with this
20subsection (y) by the respective Department. The adoption of
21emergency rules authorized by this subsection (y) is deemed to
22be necessary for the public interest, safety, and welfare.
23    (z) In order to provide for the expeditious and timely
24implementation of the provisions of Public Act 100-554 this
25amendatory Act of the 100th General Assembly, emergency rules
26to implement the changes made by Public Act 100-554 this

 

 

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1amendatory Act of the 100th General Assembly to Section 4.7 of
2the Lobbyist Registration Act may be adopted in accordance with
3this subsection (z) by the Secretary of State. The adoption of
4emergency rules authorized by this subsection (z) is deemed to
5be necessary for the public interest, safety, and welfare.
6    (aa) In order to provide for the expeditious and timely
7initial implementation of the changes made to Articles 5, 5A,
812, and 14 of the Illinois Public Aid Code under the provisions
9of Public Act 100-581 this amendatory Act of the 100th General
10Assembly, the Department of Healthcare and Family Services may
11adopt emergency rules in accordance with this subsection (aa).
12The 24-month limitation on the adoption of emergency rules does
13not apply to rules to initially implement the changes made to
14Articles 5, 5A, 12, and 14 of the Illinois Public Aid Code
15adopted under this subsection (aa). The adoption of emergency
16rules authorized by this subsection (aa) is deemed to be
17necessary for the public interest, safety, and welfare.
18    (bb) In order to provide for the expeditious and timely
19implementation of the provisions of Public Act 100-587 this
20amendatory Act of the 100th General Assembly, emergency rules
21to implement the changes made by Public Act 100-587 this
22amendatory Act of the 100th General Assembly to Section 4.02 of
23the Illinois Act on the Aging, Sections 5.5.4 and 5-5.4i of the
24Illinois Public Aid Code, subsection (b) of Section 55-30 of
25the Alcoholism and Other Drug Abuse and Dependency Act, Section
265-104 of the Specialized Mental Health Rehabilitation Act of

 

 

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12013, and Section 75 and subsection (b) of Section 74 of the
2Mental Health and Developmental Disabilities Administrative
3Act may be adopted in accordance with this subsection (bb) by
4the respective Department. The adoption of emergency rules
5authorized by this subsection (bb) is deemed to be necessary
6for the public interest, safety, and welfare.
7    (cc) (bb) In order to provide for the expeditious and
8timely implementation of the provisions of Public Act 100-587
9this amendatory Act of the 100th General Assembly, emergency
10rules may be adopted in accordance with this subsection (cc)
11(bb) to implement the changes made by Public Act 100-587 this
12amendatory Act of the 100th General Assembly to: Sections
1314-147.5 and 14-147.6 of the Illinois Pension Code by the Board
14created under Article 14 of the Code; Sections 15-185.5 and
1515-185.6 of the Illinois Pension Code by the Board created
16under Article 15 of the Code; and Sections 16-190.5 and
1716-190.6 of the Illinois Pension Code by the Board created
18under Article 16 of the Code. The adoption of emergency rules
19authorized by this subsection (cc) (bb) is deemed to be
20necessary for the public interest, safety, and welfare.
21    (dd) (aa) In order to provide for the expeditious and
22timely implementation of the provisions of Public Act 100-864
23this amendatory Act of the 100th General Assembly, emergency
24rules to implement the changes made by Public Act 100-864 this
25amendatory Act of the 100th General Assembly to Section 3.35 of
26the Newborn Metabolic Screening Act may be adopted in

 

 

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1accordance with this subsection (dd) (aa) by the Secretary of
2State. The adoption of emergency rules authorized by this
3subsection (dd) (aa) is deemed to be necessary for the public
4interest, safety, and welfare.
5    (ee) In order to provide for the expeditious and timely
6implementation of the provisions of the Financial Transaction
7Tax Act, emergency rules to implement the Financial Transaction
8Tax Act may be adopted in accordance with this subsection (ee)
9by the Department of Revenue as provided in Section 20 of the
10Financial Transaction Tax Act. The adoption of emergency rules
11authorized by this subsection (ee) is deemed to be necessary
12for the public interest, safety, and welfare.
13(Source: P.A. 99-2, eff. 3-26-15; 99-6, eff. 1-1-16; 99-143,
14eff. 7-27-15; 99-455, eff. 1-1-16; 99-516, eff. 6-30-16;
1599-642, eff. 7-28-16; 99-796, eff. 1-1-17; 99-906, eff. 6-1-17;
16100-23, eff. 7-6-17; 100-554, eff. 11-16-17; 100-581, eff.
173-12-18; 100-587, Article 95, Section 95-5, eff. 6-4-18;
18100-587, Article 110, Section 110-5, eff. 6-4-18; 100-864, eff.
198-14-18; revised 10-18-18.)
 
20    Section 999. Effective date. This Act takes effect January
211, 2020.