Illinois Senate Bill 2430 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 6-0)
Status: Engrossed on April 23 2021 - 50% progression, died in committee
Action: 2022-03-25 - 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 Section 2(a)(1) 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]	Sen. Robert Martwick [D]	Rep. Jonathan Carroll [D]	Rep. Daniel Didech [D]
Rep. Kelly Burke [D]	Rep. Margaret Croke [D]

2021-04-23 - Senate - Motion in Senate (Y: 58 N: 0 NV: 1 Abs: 0) [PASS]

Date	Chamber	Action
2022-03-25	House	Rule 19(a) / Re-referred to Rules Committee
2022-03-25	House	House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
2022-03-15	House	House Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee
2022-03-09	House	House Committee Amendment No. 1 Referred to Rules Committee
2022-03-09	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Jonathan Carroll
2022-03-01	House	Assigned to Revenue & Finance Committee
2021-10-18	House	Added Alternate Chief Co-Sponsor Rep. Margaret Croke
2021-05-15	House	Rule 19(a) / Re-referred to Rules Committee
2021-05-06	House	Added Alternate Chief Co-Sponsor Rep. Kelly M. Burke
2021-05-06	House	Added Alternate Chief Co-Sponsor Rep. Daniel Didech
2021-05-04	House	Assigned to Revenue & Finance Committee
2021-04-27	House	Referred to Rules Committee
2021-04-27	House	First Reading
2021-04-26	House	Chief House Sponsor Rep. Jonathan Carroll
2021-04-26	House	Arrived in House
2021-04-23	Senate	Third Reading - Passed; 058-000-000
2021-04-20	Senate	Placed on Calendar Order of 3rd Reading ** April 22, 2021
2021-04-20	Senate	Second Reading
2021-04-20	Senate	Added as Co-Sponsor Sen. Robert F. Martwick
2021-04-15	Senate	Placed on Calendar Order of 2nd Reading April 20, 2021
2021-04-15	Senate	Do Pass as Amended Revenue; 008-000-000
2021-04-14	Senate	Senate Committee Amendment No. 1 Adopted
2021-04-13	Senate	Senate Committee Amendment No. 1 Assignments Refers to Revenue
2021-04-08	Senate	Senate Committee Amendment No. 1 Referred to Assignments
2021-04-08	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Bill Cunningham
2021-04-07	Senate	Assigned to Revenue
2021-02-26	Senate	Referred to Assignments
2021-02-26	Senate	First Reading
2021-02-26	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=2430&GAID=16&DocTypeID=SB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/SB/10200SB2430.htm
Text	https://www.ilga.gov/legislation/102/SB/10200SB2430eng.htm
Amendment	https://www.ilga.gov/legislation/102/SB/10200SB2430sam001.htm
Amendment	https://www.ilga.gov/legislation/102/SB/10200SB2430ham001.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/102/senate/10200SB2430_04232021_032083.pdf