Illinois General Assembly - Bill Status for SB2430
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 Bill Status of SB2430  102nd General Assembly


Short Description:  INC TAX-INVESTMENT PARTNERSHIP

Senate Sponsors
Sen. Bill Cunningham

Last Action
DateChamber Action
  4/15/2021SenatePlaced on Calendar Order of 2nd Reading April 20, 2021

Statutes Amended In Order of Appearance
35 ILCS 5/1501from 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 Section 2(a)(1) 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.

Senate Committee Amendment No. 1
Makes formatting changes to the introduced bill to clarify that the provisions concerning investment partnerships apply for tax years ending on or after January 1, 2021.

Actions 
DateChamber Action
  2/26/2021SenateFiled with Secretary by Sen. Bill Cunningham
  2/26/2021SenateFirst Reading
  2/26/2021SenateReferred to Assignments
  4/7/2021SenateAssigned to Revenue
  4/8/2021SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Bill Cunningham
  4/8/2021SenateSenate Committee Amendment No. 1 Referred to Assignments
  4/13/2021SenateSenate Committee Amendment No. 1 Assignments Refers to Revenue
  4/14/2021SenateSenate Committee Amendment No. 1 Adopted
  4/15/2021SenateDo Pass as Amended Revenue; 008-000-000
  4/15/2021SenatePlaced on Calendar Order of 2nd Reading April 20, 2021

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