Bill Title: Amends the Illinois Income Tax. Imposes a privilege tax at a rate of 20% on partnerships and S corporations engaged in the business of conducting investment management services, until such time as a federal law with an identical effect has been enacted. Provides for the determination of the tax due, defines "investment management services". Effective immediately, but this Act does not take effect at all unless the states of Connecticut, New Jersey, and New York enact laws having an effect identical to this Act.

Spectrum: Partisan Bill (Democrat 10-0)

Status: (Failed) 2019-01-09 - Session Sine Die [SB1719 Detail]

Text: Latest bill text (Engrossed) [HTML]

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