Bill Status of HB0106 99th General Assembly
Short Description: REVENUE-FINANCIAL TRANSACTION
Rep. Mary E. Flowers
| 1/10/2017||House||Session Sine Die|
Statutes Amended In Order of Appearance
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.