Illinois House Bill 23 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 4-0)
Status: Introduced on January 9 2019 - 25% progression, died in committee
Action: 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Creates the Financial Transaction Tax Act. Beginning January 1, 2020, 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, 2020.

FINANCIAL TRANSACTION TAX

Rep. Mary Flowers [D]

Rep. Gregory Harris [D]

Rep. Delia Ramirez [D]

Rep. Edgar Gonzalez [D]

Date	Chamber	Action
2020-06-23	House	Rule 19(b) / Re-referred to Rules Committee
2020-05-22	House	Added Co-Sponsor Rep. Edgar Gonzalez, Jr.
2020-02-27	House	To Sales, Amusement & Other Taxes Subcommittee
2020-02-18	House	Assigned to Revenue & Finance Committee
2019-04-10	House	Added Chief Co-Sponsor Rep. Delia C. Ramirez
2019-03-29	House	Rule 19(a) / Re-referred to Rules Committee
2019-02-07	House	To Sales, Amusement & Other Taxes Subcommittee
2019-02-01	House	Added Chief Co-Sponsor Rep. Gregory Harris
2019-01-29	House	Assigned to Revenue & Finance Committee
2019-01-09	House	Referred to Rules Committee
2019-01-09	House	First Reading
2018-11-30	House	Prefiled with Clerk by Rep. Mary E. Flowers

Chapter	Article	Section	Citation Type	Statute Text
5	100	5-45	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=23&GAID=15&DocTypeID=HB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/HB/10100HB0023.htm