Illinois General Assembly - Bill Status for HB1554
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 Bill Status of HB1554  98th General Assembly

Short Description:  REVENUE-FINANCIAL TRANSACTION

House Sponsors
Rep. Mary E. Flowers - Linda Chapa LaVia - Barbara Flynn Currie - La Shawn K. Ford - Naomi D. Jakobsson, Esther Golar and Greg Harris

Last Action
DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act


Synopsis As Introduced
Creates the Financial Transaction Tax Act. Beginning September 1, 2013, imposes a tax on the privilege of engaging in a financial transaction on any of the following exchanges or boards of trade: the Chicago Stock Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, and the Chicago Board Options Exchange. Provides that the tax is imposed at a rate of 0.01% of the value of the transaction. Provides that the term "financial transaction" means a transaction involving the purchase or sale of a stock contract, futures contract, swap contract, credit default swap contract, or options contract, but does not include a transaction involving securities held in a retirement account or a transaction involving a mutual fund. Effective immediately.

Actions 
DateChamber Action
  2/13/2013HouseFiled with the Clerk by Rep. Mary E. Flowers
  2/13/2013HouseFirst Reading
  2/13/2013HouseReferred to Rules Committee
  2/19/2013HouseAssigned to Revenue & Finance Committee
  3/8/2013HouseAdded Chief Co-Sponsor Rep. Linda Chapa LaVia
  3/15/2013HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Mary E. Flowers
  3/15/2013HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/18/2013HouseHouse Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee
  3/19/2013HouseHouse Committee Amendment No. 2 Filed with Clerk by Rep. Mary E. Flowers
  3/19/2013HouseHouse Committee Amendment No. 2 Referred to Rules Committee
  3/20/2013HouseHouse Committee Amendment No. 2 Rules Refers to Revenue & Finance Committee
  3/21/2013HouseAdded Chief Co-Sponsor Rep. Barbara Flynn Currie
  3/21/2013HouseAdded Chief Co-Sponsor Rep. La Shawn K. Ford
  3/22/2013HouseRule 19(a) / Re-referred to Rules Committee
  3/22/2013HouseHouse Committee Amendment No. 1 Rule 19(a) / Re-referred to Rules Committee
  3/22/2013HouseHouse Committee Amendment No. 2 Rule 19(a) / Re-referred to Rules Committee
  3/29/2013HouseAdded Co-Sponsor Rep. Esther Golar
  7/9/2013HouseAdded Chief Co-Sponsor Rep. Naomi D. Jakobsson
  7/9/2013HouseChief Co-Sponsor Changed to Rep. Naomi D. Jakobsson
  7/9/2013HouseAdded Co-Sponsor Rep. Greg Harris
  2/11/2014HouseAssigned to Revenue & Finance Committee
  2/20/2014HouseTo Sales and Other Taxes Subcommittee
  3/28/2014HouseRule 19(a) / Re-referred to Rules Committee
  12/3/2014HouseSession Sine Die

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