Illinois General Assembly - Bill Status for HB0023

Illinois General Assembly - Bill Status for HB0023

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Bill Status of HB0023 101st General Assembly

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Short Description: FINANCIAL TRANSACTION TAX

House Sponsors
Rep. Mary E. Flowers - Gregory Harris - Delia C. Ramirez and Edgar Gonzalez, Jr.

Last Action

Date	Chamber	Action
1/13/2021	House	Session Sine Die

Statutes Amended In Order of Appearance

New Act

5 ILCS 100/5-45

from Ch. 127, par. 1005-45

Synopsis As Introduced
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.

Actions

Date	Chamber	Action
11/30/2018	House	Prefiled with Clerk by Rep. Mary E. Flowers
1/9/2019	House	First Reading
1/9/2019	House	Referred to Rules Committee
1/29/2019	House	Assigned to Revenue & Finance Committee
2/1/2019	House	Added Chief Co-Sponsor Rep. Gregory Harris
2/7/2019	House	To Sales, Amusement & Other Taxes Subcommittee
3/29/2019	House	Rule 19(a) / Re-referred to Rules Committee
4/10/2019	House	Added Chief Co-Sponsor Rep. Delia C. Ramirez
2/18/2020	House	Assigned to Revenue & Finance Committee
2/27/2020	House	To Sales, Amusement & Other Taxes Subcommittee
5/22/2020	House	Added Co-Sponsor Rep. Edgar Gonzalez, Jr.
6/23/2020	House	Rule 19(b) / Re-referred to Rules Committee
1/13/2021	House	Session Sine Die