Bill Text: IL HR0727 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Opposes the concept of a privilege tax on financial transactions.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee [HR0727 Detail]

Download: Illinois-2019-HR0727-Introduced.html

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HR0727 LRB101 20537 MST 70151 r
HOUSE RESOLUTION
WHEREAS, The Illinois General Assembly has been asked to
consider the imposition of a privilege tax on the transfer of
financial assets when this transfer takes place on a market
platform that is domiciled within the State of Illinois; and
WHEREAS, Transactions on market platforms domiciled in
Illinois play an essential role in creating and stabilizing a
global market and global market prices for debt securities and
interest, financial instruments, currencies, and essential
commodities of all sorts, including foodstuffs, motor fuel, and
energy; and
WHEREAS, The financial securities that are traded in
Illinois-based financial transaction platforms or enjoy market
value based upon those platforms are used by millions of
Illinois workers to save for pensions and retirement; and
WHEREAS, The CME Group, a market platform domiciled in
Chicago, and the transactions carried out on its financial
exchanges would be affected by this tax; and
WHEREAS, The CME Group, as a direct entity, pays $50
million in annual taxes to Illinois, prior to and independently
of the taxes paid by and on behalf of the thousands of

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professionals and workers whose jobs are tied to the financial
trading markets of Illinois; and
WHEREAS, The estimated 100,000 jobs connected directly or
indirectly to Illinois financial markets create income tax
revenue from wage taxes withheld, sales tax revenue from goods
purchased, and other tax and fee revenues essential to the
budget of the State of Illinois and its local governments; and
WHEREAS, While an overwhelming subset of the people who
hold these jobs are men and women who live and pay taxes in
Illinois, the market platforms themselves are electronic ones,
and the great majority of the transactions that take place on
these platforms can take place anywhere within the United
States or anywhere within any of the other nations governed by
a financial Rule of Law, with a speed determined by the
excellence of electrical engineering; and
WHEREAS, The State of Illinois should protect these
platforms and keep these jobs; therefore, be it
RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE
HUNDRED FIRST GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
we support the continued health and operation of the financial
transaction markets of Illinois and oppose the concept of a
privilege tax on financial transactions; and be it further

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RESOLVED, That any tax of this type will be passed on to
burden the savings activities of people all over the world,
including Illinois workers saving for retirement; and be it
further
RESOLVED, That suitable copies of this resolution be
delivered to the Speaker of the House of Representatives, the
Minority Leader of the House of Representatives, the President
of the Senate, the Minority Leader of the Senate, the Mayor of
the City of Chicago, and the chief executive officer of the CME
Group.