Bill Text: IL HB0284 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: Amends the Stock, Commodity, or Options Transaction Tax Exemption Act. Provides that a home rule municipality with 1,000,000 or more inhabitants may, by ordinance, levy a tax on stock, commodity or options transactions. Effective immediately.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2021-04-06 - Added Chief Co-Sponsor Rep. LaToya Greenwood [HB0284 Detail]

Download: Illinois-2021-HB0284-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 HB0284 Introduced , by Rep. Mary E. Flowers SYNOPSIS AS INTRODUCED:
35 ILCS 820/1 from Ch. 121 1/2, par. 1001
35 ILCS 820/2 from Ch. 121 1/2, par. 1002
Amends the Stock, Commodity, or Options Transaction Tax Exemption Act. Provides that a home rule municipality with 1,000,000 or more inhabitants may, by ordinance, levy a tax on stock, commodity or options transactions. Effective immediately.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning local government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Stock, Commodity, or Options Transaction
Tax Exemption Act is amended by changing Sections 1 and 2 as
follows:
(35 ILCS 820/1) (from Ch. 121 1/2, par. 1001)
Sec. 1. No unit of local government shall levy any tax on
stock, commodity or options transactions, except that,
beginning on January 1, 2021, a home rule municipality with
1,000,000 or more inhabitants may, by ordinance, levy such a
tax.
(Source: P.A. 82-1035.)
(35 ILCS 820/2) (from Ch. 121 1/2, par. 1002)
Sec. 2. No home rule unit, as defined in Article VII of the
Illinois Constitution, other than a home rule municipality
with 1,000,000 or more inhabitants, shall have the power to
change, alter or amend in any way the provisions of Article I
of this Act, and it is declared to be the law of this State,
pursuant to paragraph (g) of Section 6 of Article VII of the
Constitution, that home rule units with a population of less
than 1,000,000 inhabitants shall not have the power to levy

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any tax on stock commodity or options transactions.
(Source: P.A. 82-1035.)
Section 99. Effective date. This Act takes effect upon
becoming law.