Bill Title: 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.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Failed) 2025-01-07 - Session Sine Die [SB1880 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Engrossed	2023-03-23	HTML/Text	Link	View
Introduced	2023-02-09	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
Senate Amendment 001	2023-03-21	Proposed	HTML/Text	Link	View

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB1880 currently on file.

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