Illinois Senate Bill 1880 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Engrossed on March 23 2023 - 50% progression, died in committee
Action: 2023-04-28 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Engrossed) [HTML]

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.

INC TAX-INVESTMENT PARTNERSHIP

Sen. William Cunningham [D]

Rep. Kelly Burke [D]

2023-03-23 - Senate - Third Reading in Senate (Y: 58 N: 0 NV: 1 Abs: 0) [PASS]

Date	Chamber	Action
2023-04-28	House	Rule 19(a) / Re-referred to Rules Committee
2023-04-11	House	Assigned to Revenue & Finance Committee
2023-03-24	House	Referred to Rules Committee
2023-03-24	House	First Reading
2023-03-23	House	Chief House Sponsor Rep. Kelly M. Burke
2023-03-23	House	Arrived in House
2023-03-23	Senate	Senate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
2023-03-23	Senate	Third Reading - Passed; 058-000-000
2023-03-22	Senate	Placed on Calendar Order of 3rd Reading March 23, 2023
2023-03-22	Senate	Second Reading
2023-03-22	Senate	Senate Floor Amendment No. 1 Assignments Refers to Revenue
2023-03-21	Senate	Senate Floor Amendment No. 1 Referred to Assignments
2023-03-21	Senate	Senate Floor Amendment No. 1 Filed with Secretary by Sen. Bill Cunningham
2023-03-09	Senate	Placed on Calendar Order of 2nd Reading March 10, 2023
2023-03-09	Senate	Do Pass Revenue; 009-000-000
2023-02-21	Senate	Assigned to Revenue
2023-02-09	Senate	Referred to Assignments
2023-02-09	Senate	First Reading
2023-02-09	Senate	Filed with Secretary by Sen. Bill Cunningham

Chapter	Article	Section	Citation Type	Statute Text
35	5	1501	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1880&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB1880.htm
Text	https://www.ilga.gov/legislation/103/SB/10300SB1880eng.htm
Amendment	https://www.ilga.gov/legislation/103/SB/10300SB1880sam001.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/103/senate/10300SB1880_03232023_032000T.pdf