HB2458 100TH GENERAL ASSEMBLY

LRB100 07869 HLH 17940 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB2458

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.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

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, 2018, 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 any tax on stock commodity or options transactions.

(Source: P.A. 82-1035.)

Section 99. Effective date. This Act takes effect upon becoming law.