Full Text of HB2458 100th General Assembly
HB2458 100TH GENERAL ASSEMBLY |
| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018 HB2458 Introduced , by Rep. Mary E. Flowers SYNOPSIS AS INTRODUCED: |
|
35 ILCS 820/1 | from Ch. 121 1/2, par. 1001 |
35 ILCS 820/2 | from Ch. 121 1/2, par. 1002 |
|
Amends the Stock, Commodity, or Options Transaction
Tax Exemption Act. Provides that a home rule municipality with 1,000,000 or more inhabitants may, by ordinance, levy a tax on stock, commodity
or options transactions. Effective immediately.
|
| |
| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
|
| | | HB2458 | | LRB100 07869 HLH 17940 b |
|
| 1 | | AN ACT concerning local government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Stock, Commodity, or Options Transaction
Tax | 5 | | Exemption Act is amended by changing Sections 1 and 2 as | 6 | | follows:
| 7 | | (35 ILCS 820/1) (from Ch. 121 1/2, par. 1001)
| 8 | | Sec. 1.
No unit of local government shall levy any tax on | 9 | | stock, commodity
or options transactions , except that, | 10 | | beginning on January 1, 2018, a home rule municipality with | 11 | | 1,000,000 or more inhabitants may, by ordinance, levy such a | 12 | | tax .
| 13 | | (Source: P.A. 82-1035.)
| 14 | | (35 ILCS 820/2) (from Ch. 121 1/2, par. 1002)
| 15 | | Sec. 2.
No home rule unit, as defined in Article VII of the | 16 | | Illinois
Constitution, other than a home rule municipality with | 17 | | 1,000,000 or more inhabitants, shall have the power to change, | 18 | | alter or amend in any
way the provisions of Article I of this | 19 | | Act, and it is declared to be
the law of this State, pursuant | 20 | | to paragraph (g) of Section 6 of
Article VII of the | 21 | | Constitution, that home rule units with a population of less | 22 | | than 1,000,000 inhabitants shall not have
the power to levy any |
| | | HB2458 | - 2 - | LRB100 07869 HLH 17940 b |
|
| 1 | | tax on stock commodity or options transactions.
| 2 | | (Source: P.A. 82-1035.)
| 3 | | Section 99. Effective date. This Act takes effect upon | 4 | | becoming law.
|
|