Illinois General Assembly - Bill Status for HB3588
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 Bill Status of HB3588  102nd General Assembly


Short Description:  INC TAX-INVESTMENT PARTNERSHIP

House Sponsors
Rep. Jonathan Carroll

Last Action
DateChamber Action
  3/27/2021HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
35 ILCS 5/1501from Ch. 120, par. 15-1501


Synopsis As Introduced
Amends the Illinois Income Tax Act. Makes changes to the definition of investment partnership to provide that a dealer in qualifying investment securities may be considered an investment partnership. Allows a partnership interest to be considered a qualified security if the interest qualifies as a security within the meaning of Section 2(a)(1) of the federal Securities Act of 1933. In provisions requiring that no less than 90% of the investment partnership's gross income shall consist of interest, dividends, and gains from the sale or exchange of qualifying investment securities, provides that that includes the distributive share of partnership income from lower-tier partnership interests and does not include income from partnerships that are operating at a federal taxable loss. Effective immediately.

Actions 
DateChamber Action
  2/19/2021HouseFiled with the Clerk by Rep. Jonathan Carroll
  2/22/2021HouseFirst Reading
  2/22/2021HouseReferred to Rules Committee
  3/16/2021HouseAssigned to Revenue & Finance Committee
  3/27/2021HouseRule 19(a) / Re-referred to Rules Committee

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