Illinois Senate Bill 2351

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 10 2023 - 25% progression
Action: 2023-02-10 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Creates the Financial Transaction Tax Act. Beginning January 1, 2024, 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, or the Chicago Board Options Exchange. Provides that the tax is imposed at a rate of $1 per transaction for all transactions for which the underlying asset is an agricultural product, a financial instruments contract, or an options contract. Provides that transactions executed via open outcry that are physically filled on the exchange floor are exempt from the tax. Provides that the term "financial transaction" means a transaction involving the purchase or sale of a stock contract, futures 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 January 1, 2024.

FINANCIAL TRANSACTION TAX

Sen. Rachel Ventura [D]

Date	Chamber	Action
2023-02-10	Senate	Referred to Assignments
2023-02-10	Senate	First Reading
2023-02-10	Senate	Filed with Secretary by Sen. Rachel Ventura

Chapter	Article	Section	Citation Type	Statute Text
5	100	5-45.35	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2351&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB2351.htm