Illinois General Assembly

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 Bill Status of HB0106  99th General Assembly


Short Description:  REVENUE-FINANCIAL TRANSACTION

House Sponsors
Rep. Mary E. Flowers

Last Action
DateChamber Action
  1/10/2017HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act


Synopsis As Introduced
Creates the Financial Transaction Tax Act. Beginning September 1, 2015, 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, and the Chicago Board Options Exchange. Provides that the tax is imposed at a rate of $1 per contract for all transactions for which the underlying asset is an agricultural product and $2 per contract for all other contracts. 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 immediately.

Actions 
DateChamber Action
  1/14/2015HouseFiled with the Clerk by Rep. Mary E. Flowers
  1/14/2015HouseFirst Reading
  1/14/2015HouseReferred to Rules Committee
  2/3/2015HouseAssigned to Revenue & Finance Committee
  2/20/2015HouseTo Sales and Other Taxes Subcommittee
  3/27/2015HouseRule 19(a) / Re-referred to Rules Committee
  2/16/2016HouseAssigned to Revenue & Finance Committee
  2/16/2016HouseTo Sales and Other Taxes Subcommittee
  4/8/2016HouseRule 19(a) / Re-referred to Rules Committee
  1/10/2017HouseSession Sine Die

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