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: (Engrossed) 2023-04-28 - Rule 19(a) / Re-referred to Rules Committee [SB1880 Detail]

Text: Latest bill text (Engrossed) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator William Cunningham [D]	Primary	Sponsored Bills	SD-018	FollowTheMoney	Ballotpedia	VoteSmart
Representative Kelly Burke [D]	Primary	Sponsored Bills	HD-036	FollowTheMoney	Ballotpedia	VoteSmart

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