Date	Chamber	Action
1/7/2025	House	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/1501

from Ch. 120, par. 15-1501

Synopsis As Introduced
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.

Actions 

Date	Chamber	Action
2/8/2023	House	Filed with the Clerk by Rep. Kelly M. Burke
2/8/2023	House	First Reading
2/8/2023	House	Referred to Rules Committee
2/21/2023	House	Added Co-Sponsor Rep. Daniel Didech
2/21/2023	House	Assigned to Revenue & Finance Committee
2/21/2023	House	Added Co-Sponsor Rep. Margaret Croke
2/21/2023	House	Added Co-Sponsor Rep. Curtis J. Tarver, II
2/22/2023	House	Added Co-Sponsor Rep. Joe C. Sosnowski
2/23/2023	House	To Revenue - Property Tax Subcommittee
2/24/2023	House	Added Co-Sponsor Rep. Elizabeth "Lisa" Hernandez
3/2/2023	House	To Revenue-Income Tax Subcommittee
3/6/2023	House	Added Co-Sponsor Rep. Steven Reick
3/10/2023	House	Rule 19(a) / Re-referred to Rules Committee
1/7/2025	House	Session Sine Die

Back To Top