Illinois General Assembly - Bill Status for SB2199
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 Bill Status of SB2199  99th General Assembly


Senate Sponsors
Sen. Michael Noland - Jacqueline Y. Collins - Ira I. Silverstein and Emil Jones, III

Last Action
DateChamber Action
  1/10/2017SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act

Synopsis As Introduced
Creates the Financial Transaction Tax Act. Beginning January 1, 2016, 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 transactions. Provides that the term "financial transaction" means a transaction involving the purchase or sale of a stock contract, futures contract, futures option 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.

DateChamber Action
  12/4/2015SenateFiled with Secretary by Sen. Michael Noland
  12/4/2015SenateFirst Reading
  12/4/2015SenateReferred to Assignments
  1/14/2016SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  1/27/2016SenateAssigned to Revenue
  2/18/2016SenateTo Subcommittee on Special Issues (RV)
  4/8/2016SenateRule 2-10 Committee Deadline Established As April 22, 2016
  4/13/2016SenateAdded as Co-Sponsor Sen. Daniel Biss
  4/13/2016SenateAdded as Co-Sponsor Sen. Emil Jones, III
  4/14/2016SenateSponsor Removed Sen. Daniel Biss
  4/22/2016SenateRule 2-10 Committee/3rd Reading Deadline Established As May 13, 2016
  5/4/2016SenateAdded as Chief Co-Sponsor Sen. Ira I. Silverstein
  5/13/2016SenateRule 3-9(a) / Re-referred to Assignments
  1/10/2017SenateSession Sine Die

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