IL HB1023 | 2023-2024 | 103rd General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 12 2023 - 25% progression
Action: 2023-03-10 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Creates the Financial Transaction Tax Act. Beginning January 1, 2024, 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, 2024.

Tracking Information

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Title

FINANCIAL TRANSACTION TAX

Sponsors


History

DateChamberAction
2023-03-10HouseRule 19(a) / Re-referred to Rules Committee
2023-02-23HouseTo Revenue-Income Tax Subcommittee
2023-02-21HouseAssigned to Revenue & Finance Committee
2023-01-12HouseReferred to Rules Committee
2023-01-12HouseFirst Reading
2022-12-19HousePrefiled with Clerk by Rep. Mary E. Flowers

Code Citations

ChapterArticleSectionCitation TypeStatute Text
51005-45.35New CodeSee Bill Text

Illinois State Sources


Bill Comments

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