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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB1051 Introduced 1/12/2023, by Rep. Mary E. Flowers SYNOPSIS AS INTRODUCED:
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| 35 ILCS 820/1 | from Ch. 121 1/2, par. 1001 | 35 ILCS 820/2 | from Ch. 121 1/2, par. 1002 |
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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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| | A BILL FOR |
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| | HB1051 | | LRB103 04913 HLH 49923 b |
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| 1 | | AN ACT concerning local government.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Stock, Commodity, or Options Transaction
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| 5 | | Tax Exemption Act is amended by changing Sections 1 and 2 as |
| 6 | | follows:
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| 7 | | (35 ILCS 820/1) (from Ch. 121 1/2, par. 1001)
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| 8 | | Sec. 1.
No unit of local government shall levy any tax on |
| 9 | | stock, commodity
or options transactions, except that, |
| 10 | | beginning on January 1, 2024, a home rule municipality with |
| 11 | | 1,000,000 or more inhabitants may, by ordinance, levy such a |
| 12 | | tax.
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| 13 | | (Source: P.A. 82-1035.)
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| 14 | | (35 ILCS 820/2) (from Ch. 121 1/2, par. 1002)
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| 15 | | Sec. 2.
No home rule unit, as defined in Article VII of the |
| 16 | | Illinois
Constitution, other than a home rule municipality |
| 17 | | with 1,000,000 or more inhabitants, shall have the power to |
| 18 | | change, alter or amend in any
way the provisions of Article I |
| 19 | | of this Act, and it is declared to be
the law of this State, |
| 20 | | pursuant to paragraph (g) of Section 6 of
Article VII of the |
| 21 | | Constitution, that home rule units with a population of less |
| 22 | | than 1,000,000 inhabitants shall not have
the power to levy |