IL HB2237 | 2023-2024 | 103rd General Assembly
Status
Completed Legislative Action
Spectrum: Slight Partisan Bill (Democrat 5-2)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Spectrum: Slight Partisan Bill (Democrat 5-2)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
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.
Title
INC TAX-INVESTMENT PARTNERSHIP
Sponsors
Rep. Kelly Burke [D] | Rep. Daniel Didech [D] | Rep. Margaret Croke [D] | Rep. Curtis Tarver [D] |
Rep. Joe Sosnowski [R] | Rep. Elizabeth Hernandez [D] | Rep. Steven Reick [R] |
History
Date | Chamber | Action |
---|---|---|
2025-01-07 | House | Session Sine Die |
2023-03-10 | House | Rule 19(a) / Re-referred to Rules Committee |
2023-03-06 | House | Added Co-Sponsor Rep. Steven Reick |
2023-03-02 | House | To Revenue-Income Tax Subcommittee |
2023-02-24 | House | Added Co-Sponsor Rep. Elizabeth "Lisa" Hernandez |
2023-02-23 | House | To Revenue - Property Tax Subcommittee |
2023-02-22 | House | Added Co-Sponsor Rep. Joe C. Sosnowski |
2023-02-21 | House | Added Co-Sponsor Rep. Curtis J. Tarver, II |
2023-02-21 | House | Added Co-Sponsor Rep. Margaret Croke |
2023-02-21 | House | Assigned to Revenue & Finance Committee |
2023-02-21 | House | Added Co-Sponsor Rep. Daniel Didech |
2023-02-08 | House | Referred to Rules Committee |
2023-02-08 | House | First Reading |
2023-02-08 | House | Filed with the Clerk by Rep. Kelly M. Burke |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
35 | 5 | 1501 | Amended Code | Citation Text |
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2237&GAID=17&DocTypeID=HB&SessionID=112&GA=103 |
Text | https://www.ilga.gov/legislation/103/HB/10300HB2237.htm |