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]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Michael Noland [D]	Primary	Sponsored Bills	SD-022	FollowTheMoney	Ballotpedia	VoteSmart
Senator Jacqueline Collins [D]	Cosponsor	Sponsored Bills	SD-016	FollowTheMoney	Ballotpedia	VoteSmart
Senator Ira Silverstein [D]	Cosponsor	Sponsored Bills	SD-008	FollowTheMoney	Ballotpedia	VoteSmart
Senator Emil Jones [D]	Cosponsor	Sponsored Bills	SD-014	FollowTheMoney	Ballotpedia	VoteSmart

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