Full Text of HB3548 97th General Assembly
HB3548 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 HB3548 Introduced 2/24/2011, by Rep. Mary E. Flowers SYNOPSIS AS INTRODUCED: |
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Creates the Financial Transaction Tax Act. Beginning September 1, 2011, 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 0.01% of the value of the transaction. 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.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | | HB3548 | | LRB097 09806 HLH 49955 b |
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| 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, 2011, 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 0.01% of the value of the transaction. The | 13 | | tax shall be paid by the trading facility or, in any other | 14 | | case, by the purchaser involved in the transaction. | 15 | | (b) A tax imposed under this Act, and all civil penalties | 16 | | that may
be assessed as an incident thereof, shall be | 17 | | administered, collected, and
enforced by the Illinois | 18 | | Department of Revenue, and commodity brokers shall register | 19 | | with the Department, in the same manner as required under the | 20 | | Retailers' Occupation Tax Act insofar as may be applicable.
The | 21 | | Department of Revenue has full power to administer and enforce
| 22 | | this Act, to collect all taxes and penalties due under this | 23 | | Act, to dispose
of taxes and penalties so collected as provided |
| | | HB3548 | - 2 - | LRB097 09806 HLH 49955 b |
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| 1 | | in this Act, and
to determine all rights to credit memoranda | 2 | | arising on account of the
erroneous payment of tax or penalty | 3 | | under this Act. The Department of Revenue shall pay over to the | 4 | | State Treasurer all taxes and penalties collected under this | 5 | | Act for deposit into the General Revenue Fund. | 6 | | For the purpose of this Act, "financial transaction" means | 7 | | a transaction involving the purchase or sale of a stock | 8 | | contract, futures contract, swap contract, credit default swap | 9 | | contract, or options contract, but does not include a | 10 | | transaction involving securities held in a retirement account | 11 | | or a transaction involving a mutual fund. | 12 | | Section 10. Rules. The Department shall adopt | 13 | | administrative rules to implement and administer this Act. | 14 | | Initial rules may be adopted as emergency rules. | 15 | | Section 15. Interstate commerce exemption. No tax is | 16 | | imposed under this Act upon the privilege of engaging in a | 17 | | business in interstate commerce or otherwise when the business | 18 | | may not, under the Constitution and statutes of the United | 19 | | States, be made the subject of taxation by this State. | 20 | | Section 99. Effective date. This Act takes effect upon | 21 | | becoming law.
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