IL HB2566 | 2019-2020 | 101st General Assembly
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 13 2019 - 25% progression, died in committee
Action: 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 13 2019 - 25% progression, died in committee
Action: 2019-03-29 - 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. Provides that in addition to any tax that may be imposed under Section 201, income from passive investments is subject to an annual surcharge of 0.5%, where the total dollar value of passive investments producing the income equals $2,000,000 or more. Provides that all revenue realized from these provisions shall be deposited into the Common School Fund. Defines "passive activity income".
Title
SURCHARGE-PASSIVE INCOME
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2019-03-29 | House | Rule 19(a) / Re-referred to Rules Committee |
| 2019-03-06 | House | To Income Tax Subcommittee |
| 2019-02-26 | House | Assigned to Revenue & Finance Committee |
| 2019-02-13 | House | Referred to Rules Committee |
| 2019-02-13 | House | First Reading |
| 2019-02-13 | House | Filed with the Clerk by Rep. Anne Stava-Murray |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 35 | 5 | 201.1 | New Code | See Bill Text |
| 35 | 5 | 901 | Amended Code | Citation Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2566&GAID=15&DocTypeID=HB&SessionID=108&GA=101 |
| Text | https://www.ilga.gov/legislation/101/HB/10100HB2566.htm |
