Illinois General Assembly - Bill Status for HB5929
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 Bill Status of HB5929  98th General Assembly


Short Description:  REVENUE-FINANCIAL TRANSACTION

House Sponsors
Rep. Mary E. Flowers

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, 2014, 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 $1 per contract for all transactions for which the underlying asset is an agricultural product and $2 per contract for all other contracts. 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
  2/14/2014HouseFiled with the Clerk by Rep. Mary E. Flowers
  2/14/2014HouseFirst Reading
  2/14/2014HouseReferred to Rules Committee
  12/3/2014HouseSession Sine Die

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