Full Text of HB0453 100th General Assembly
HB0453ham001 100TH GENERAL ASSEMBLY | Rep. Mary E. Flowers Filed: 2/3/2017
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| 1 | | AMENDMENT TO HOUSE BILL 453
| 2 | | AMENDMENT NO. ______. Amend House Bill 453 immediately | 3 | | above the enacting clause by inserting the following:
| 4 | | "WHEREAS, The State of Illinois currently faces a serious | 5 | | budget crisis; and | 6 | | WHEREAS, A financial transaction tax is a fair and | 7 | | sustainable source of revenue for the State; and | 8 | | WHEREAS, A financial transaction tax will promote job | 9 | | growth and economic stability and reduce the negative effects | 10 | | created by high frequency trading; therefore"; and | 11 | | by replacing everything after the enacting clause with the | 12 | | following: | 13 | | "Section 1. Short title. This Act may be cited as the | 14 | | Financial Transaction Tax Act. |
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| 1 | | Section 5. Tax imposed; definitions. | 2 | | (a) Beginning January 1, 2018, a tax is imposed on the | 3 | | privilege of engaging in a financial transaction on any of the | 4 | | following exchanges or boards of trade: the Chicago Stock | 5 | | Exchange, the Chicago Mercantile Exchange, the Chicago Board of | 6 | | Trade, and the Chicago Board Options Exchange. The tax is | 7 | | imposed at a rate of $1 for each transaction for which the | 8 | | underlying asset is an agricultural product, a financial | 9 | | instruments contract, or an options contract. The tax shall be | 10 | | paid by the trading facility or, in any other case, by the | 11 | | purchaser involved in the transaction. All transactions | 12 | | executed via open outcry that are physically filled on the | 13 | | exchange floor are exempt from the tax. | 14 | | (b) The tax shall be collected by the exchange or board of | 15 | | trade and shall be remitted to the Department of Revenue | 16 | | biannually in the form and manner required by the Department. | 17 | | The exchange or board of trade may retain 5% of the amount | 18 | | collected, which is allowed to
reimburse the exchange or board | 19 | | of trade for the expenses incurred in keeping records,
| 20 | | preparing and filing returns, remitting the tax, and supplying | 21 | | data to
the Department on request. | 22 | | (c) Subject to the provisions of subsection (b), the tax | 23 | | imposed under this Act, and all civil penalties that may
be | 24 | | assessed as an incident thereof, shall be administered, | 25 | | collected, and
enforced by the Department of Revenue, and |
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| 1 | | commodity brokers shall register with the Department in the | 2 | | same manner as required under the Retailers' Occupation Tax Act | 3 | | insofar as may be applicable.
The Department of Revenue has | 4 | | full power to administer and enforce
this Act, to collect all | 5 | | taxes and penalties due under this Act, to dispose
of taxes and | 6 | | penalties so collected as provided in this Act, and
to | 7 | | determine all rights to credit memoranda arising on account of | 8 | | the
erroneous payment of a tax or penalty under this Act. The | 9 | | Department of Revenue shall pay over to the State Treasurer all | 10 | | moneys remitted to the Department under this Act for deposit | 11 | | into the General Revenue Fund. | 12 | | (d) For the purpose of this Act, "financial transaction" | 13 | | means a transaction involving the purchase or sale of a stock | 14 | | contract, futures contract, futures options contract, swap | 15 | | contract, credit default swap contract, or options contract, | 16 | | but does not include a transaction involving securities held in | 17 | | a retirement account or a transaction involving a mutual fund. | 18 | | Section 10. Recordkeeping. Each exchange or board of trade | 19 | | that is subject to the tax under this Act shall keep records | 20 | | and books of all transactions giving rise to a tax under this | 21 | | Act. Those books and records shall be kept in the English | 22 | | language and shall, at all times during business hours of the | 23 | | day, be subject to inspection by the Department or its duly | 24 | | authorized agents and employees. |
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| 1 | | Section 15. Retailers' Occupation Tax Act and Uniform | 2 | | Penalty and Interest Act adopted. The provisions of Sections 4, | 3 | | 5, 5f, 5i, 6, 6a, 6b, 6c, 8, 9, 10, and 12 of the Retailers' | 4 | | Occupation Tax Act which are not inconsistent with this Act, | 5 | | and Section 3-7 of the Uniform Penalty and Interest Act, shall | 6 | | apply as far as practicable to the subject matter of this Act | 7 | | to the same extent as if those provisions were included in this | 8 | | Act. | 9 | | Section 20. Rules. The Department shall adopt | 10 | | administrative rules to implement and administer this Act. | 11 | | Initial rules may be adopted as emergency rules. | 12 | | Section 25. Interstate commerce exemption. No tax is | 13 | | imposed under this Act upon the privilege of engaging in a | 14 | | business in interstate commerce or otherwise when the business | 15 | | may not, under the Constitution and statutes of the United | 16 | | States, be made the subject of taxation by this State. | 17 | | Section 99. Effective date. This Act takes effect upon | 18 | | becoming law.".
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