IL HB2237 | 2023-2024 | 103rd General Assembly

Status

Spectrum: Slight Partisan Bill (Democrat 5-2)
Status: Introduced on February 8 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

Amends the Illinois Income Tax Act. Makes changes to the definition of investment partnership to provide that a dealer in qualifying investment securities may be considered an investment partnership. Allows a partnership interest to be considered a qualified security if the interest qualifies as a security within the meaning of the federal Securities Act of 1933. In provisions requiring that no less than 90% of the investment partnership's gross income shall consist of interest, dividends, and gains from the sale or exchange of qualifying investment securities, provides that that includes the distributive share of partnership income from lower-tier partnership interests and does not include income from partnerships that are operating at a federal taxable loss. Effective immediately.

Tracking Information

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Title

INC TAX-INVESTMENT PARTNERSHIP

Sponsors


History

DateChamberAction
2023-03-10HouseRule 19(a) / Re-referred to Rules Committee
2023-03-06HouseAdded Co-Sponsor Rep. Steven Reick
2023-03-02HouseTo Revenue-Income Tax Subcommittee
2023-02-24HouseAdded Co-Sponsor Rep. Elizabeth "Lisa" Hernandez
2023-02-23HouseTo Revenue - Property Tax Subcommittee
2023-02-22HouseAdded Co-Sponsor Rep. Joe C. Sosnowski
2023-02-21HouseAdded Co-Sponsor Rep. Curtis J. Tarver, II
2023-02-21HouseAdded Co-Sponsor Rep. Margaret Croke
2023-02-21HouseAssigned to Revenue & Finance Committee
2023-02-21HouseAdded Co-Sponsor Rep. Daniel Didech
2023-02-08HouseReferred to Rules Committee
2023-02-08HouseFirst Reading
2023-02-08HouseFiled with the Clerk by Rep. Kelly M. Burke

Code Citations

ChapterArticleSectionCitation TypeStatute Text
3551501Amended CodeCitation Text

Illinois State Sources


Bill Comments

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