Bill Title: 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.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2016-05-13 - Rule 3-9(a) / Re-referred to Assignments
[SB2199 Detail]
Bill Drafts
Revision | Date | Format | Source | View |
Introduced | 2015-12-04 | HTML/Text | Link | View |
Amendments
Amendment | Date | Disposition | Format | Source | View |
No bill amendments currently on file for Illinois SB2199 |
Supplemental Documents
Title | Description | Date | Format | Source | View |
No supplemental documents for Illinois SB2199 currently on file. |
Social Comments on IL SB2199