IL SB2199 | 2015-2016 | 99th General Assembly
Status
Spectrum: Partisan Bill (Democrat 4-0)
Status: Introduced on December 4 2015 - 25% progression, died in committee
Action: 2016-05-13 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on December 4 2015 - 25% progression, died in committee
Action: 2016-05-13 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Creates the Financial Transaction Tax Act. Beginning January 1, 2016, 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, and the Chicago Board Options Exchange. Provides that the tax is imposed at a rate of $1 per contract for all transactions for which the underlying asset is an agricultural product and $2 per contract for all other transactions. Provides that the term "financial transaction" means a transaction involving the purchase or sale of a stock contract, futures contract, futures option 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 immediately.
Title
REVENUE-FINANCIAL TRANSACTION
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2016-05-13 | Senate | Rule 3-9(a) / Re-referred to Assignments |
| 2016-05-04 | Senate | Added as Chief Co-Sponsor Sen. Ira I. Silverstein |
| 2016-04-22 | Senate | Rule 2-10 Committee/3rd Reading Deadline Established As May 13, 2016 |
| 2016-04-14 | Senate | Sponsor Removed Sen. Daniel Biss |
| 2016-04-13 | Senate | Added as Co-Sponsor Sen. Emil Jones, III |
| 2016-04-13 | Senate | Added as Co-Sponsor Sen. Daniel Biss |
| 2016-04-08 | Senate | Rule 2-10 Committee Deadline Established As April 22, 2016 |
| 2016-02-18 | Senate | To Subcommittee on Special Issues (RV) |
| 2016-01-27 | Senate | Assigned to Revenue |
| 2016-01-14 | Senate | Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins |
| 2015-12-04 | Senate | Referred to Assignments |
| 2015-12-04 | Senate | First Reading |
| 2015-12-04 | Senate | Filed with Secretary by Sen. Michael Noland |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2199&GAID=13&DocTypeID=SB&SessionID=88&GA=99 |
| Text | https://www.ilga.gov/legislation/99/SB/09900SB2199.htm |
