Full Text of HB0106 99th General Assembly
HB0106 99TH GENERAL ASSEMBLY |
| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016 HB0106 Introduced , by Rep. Mary E. Flowers 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.
|
| |
| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
|
| | | HB0106 | | LRB099 03602 HLH 23610 b |
|
| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 1. Short title. This Act may be cited as the | 5 | | Financial Transaction Tax Act. | 6 | | Section 5. Tax imposed; definitions. | 7 | | (a) Beginning September 1, 2015, a tax is imposed on the | 8 | | privilege of engaging in a financial transaction on any of the | 9 | | following exchanges or boards of trade: the Chicago Stock | 10 | | Exchange, the Chicago Mercantile Exchange, the Chicago Board of | 11 | | Trade, and the Chicago Board Options Exchange. The tax is | 12 | | imposed at a rate of $1 per contract for all transactions for | 13 | | which the underlying asset is an agricultural product and $2 | 14 | | per contract for all other contracts. The tax shall be paid by | 15 | | the trading facility or, in any other case, by the purchaser | 16 | | involved in the transaction. | 17 | | (b) A tax imposed under this Act, and all civil penalties | 18 | | that may
be assessed as an incident thereof, shall be | 19 | | administered, collected, and
enforced by the Illinois | 20 | | Department of Revenue, and commodity brokers shall register | 21 | | with the Department, in the same manner as required under the | 22 | | Retailers' Occupation Tax Act insofar as may be applicable.
The | 23 | | Department of Revenue has full power to administer and enforce
|
| | | HB0106 | - 2 - | LRB099 03602 HLH 23610 b |
|
| 1 | | this Act, to collect all taxes and penalties due under this | 2 | | Act, to dispose
of taxes and penalties so collected as provided | 3 | | in this Act, and
to determine all rights to credit memoranda | 4 | | arising on account of the
erroneous payment of tax or penalty | 5 | | under this Act. The Department of Revenue shall pay over to the | 6 | | State Treasurer all taxes and penalties collected under this | 7 | | Act for deposit into the General Revenue Fund. | 8 | | For the purpose of this Act, "financial transaction" means | 9 | | a transaction involving the purchase or sale of a stock | 10 | | contract, futures contract, futures options contract, swap | 11 | | contract, credit default swap contract, or options contract, | 12 | | but does not include a transaction involving securities held in | 13 | | a retirement account or a transaction involving a mutual fund. | 14 | | Section 10. Rules. The Department shall adopt | 15 | | administrative rules to implement and administer this Act. | 16 | | Initial rules may be adopted as emergency rules. | 17 | | Section 15. Interstate commerce exemption. No tax is | 18 | | imposed under this Act upon the privilege of engaging in a | 19 | | business in interstate commerce or otherwise when the business | 20 | | may not, under the Constitution and statutes of the United | 21 | | States, be made the subject of taxation by this State. | 22 | | Section 99. Effective date. This Act takes effect upon | 23 | | becoming law.
|
|