Illinois General Assembly - Full Text of SR0742
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Full Text of SR0742  98th General Assembly




SR0742LRB098 15012 GRL 49969 r


2    WHEREAS, The term "financial transaction" means a
3transaction involving the purchase or sale of a stock contract,
4futures contract, swap contract, credit default swap contract,
5or options contract; and
6    WHEREAS, The State of Illinois is home to 4 major financial
7exchanges and boards of trade: the Chicago Stock Exchange, the
8Chicago Mercantile Exchange, the Chicago Board of Trade, and
9the Chicago Board Options Exchange; and
10    WHEREAS, House Bill 1554 of the 98th General Assembly of
11the State of Illinois seeks to impose a .01% tax on each
12transaction conducted on those boards of trade; and
13    WHEREAS, A 2010 Tax Foundation study found that Illinois
14residents paid a higher amount of State and local taxes than
15residents of any of Illinois' neighboring states; and
16    WHEREAS, In 2011, Illinois increased this tax burden by
17raising income taxes 66%; and
18    WHEREAS, Any tax on all financial transactions would be
19detrimental to the overall economy in the State of Illinois and
20would hurt the overall job creation of the different companies



SR0742- 2 -LRB098 15012 GRL 49969 r

1involved on these various exchanges located in Illinois; and
2    WHEREAS, The financial sector and the overall economy for
3the State of Illinois would be significantly negatively
4impacted by a financial transaction tax; and
5    WHEREAS, A financial transaction tax would harm average
6investors who are saving for retirement; therefore, be it
8ASSEMBLY OF THE STATE OF ILLINOIS, that we state our belief
9that the State of Illinois should not enact a tax on financial
10transactions; and be it further
11    RESOLVED, That suitable copies of this resolution be
12delivered to all Illinois constitutional officers, the Speaker
13and Minority Leader of the Illinois House of Representatives,
14and the President and Minority Leader of the Illinois Senate.