Illinois General Assembly - Bill Status for HB0283
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 Bill Status of HB0283  102nd General Assembly


Short Description:  FINANCIAL TRANSACTION TAX

House Sponsors
Rep. Mary E. Flowers - LaToya Greenwood

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

Statutes Amended In Order of Appearance
New Act
5 ILCS 100/5-45.8 new


Synopsis As Introduced
Creates the Financial Transaction Tax Act. Beginning January 1, 2022, 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, 2022.

Actions 
DateChamber Action
  1/26/2021HouseFiled with the Clerk by Rep. Mary E. Flowers
  1/29/2021HouseFirst Reading
  1/29/2021HouseReferred to Rules Committee
  2/23/2021HouseAssigned to Revenue & Finance Committee
  3/4/2021HouseTo Sales, Amusement, & Other Taxes Subcommittee
  3/27/2021HouseRule 19(a) / Re-referred to Rules Committee
  4/6/2021HouseAdded Chief Co-Sponsor Rep. LaToya Greenwood

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