Illinois General Assembly - Bill Status for HB0023
Illinois General Assembly

Previous General Assemblies

 Bill Status of HB0023  101st General Assembly


Short Description:  FINANCIAL TRANSACTION TAX

House Sponsors
Rep. Mary E. Flowers - Gregory Harris - Delia C. Ramirez and Edgar Gonzalez, Jr.

Last Action
DateChamber Action
  1/13/2021HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
5 ILCS 100/5-45from Ch. 127, par. 1005-45


Synopsis As Introduced
Creates the Financial Transaction Tax Act. Beginning January 1, 2020, 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; or the Chicago Board Options Exchange. Provides that the tax is imposed at a rate of $1 per transaction for all transactions for which the underlying asset is an agricultural product, a financial instruments contract, or an options contract. Provides that transactions executed via open outcry that are physically filled on the exchange floor are exempt from the tax. 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 January 1, 2020.

Actions 
DateChamber Action
  11/30/2018HousePrefiled with Clerk by Rep. Mary E. Flowers
  1/9/2019HouseFirst Reading
  1/9/2019HouseReferred to Rules Committee
  1/29/2019HouseAssigned to Revenue & Finance Committee
  2/1/2019HouseAdded Chief Co-Sponsor Rep. Gregory Harris
  2/7/2019HouseTo Sales, Amusement & Other Taxes Subcommittee
  3/29/2019HouseRule 19(a) / Re-referred to Rules Committee
  4/10/2019HouseAdded Chief Co-Sponsor Rep. Delia C. Ramirez
  2/18/2020HouseAssigned to Revenue & Finance Committee
  2/27/2020HouseTo Sales, Amusement & Other Taxes Subcommittee
  5/22/2020HouseAdded Co-Sponsor Rep. Edgar Gonzalez, Jr.
  6/23/2020HouseRule 19(b) / Re-referred to Rules Committee
  1/13/2021HouseSession Sine Die

Back To Top