Date	Chamber	Action
1/9/2019	Senate	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/205

from Ch. 120, par. 2-205

Synopsis As Introduced
Amends the Illinois Income Tax. Imposes a privilege tax at a rate of 20% on partnerships and S corporations engaged in the business of conducting investment management services, until such time as a federal law with an identical effect has been enacted. Provides for the determination of the tax due, defines "investment management services". Effective immediately, but this Act does not take effect at all unless the states of Connecticut, New Jersey, and New York enact laws having an effect identical to this Act.

Senate Committee Amendment No. 1
Provides that the privilege tax shall be imposed beginning on July 1, 2017. Provides that the tax shall be imposed at the rate of 20% of the fees earned from the investment strategy of the investment manager and not from the investment itself (in the introduced bill, at the rate of 20%). Removes the bill's immediate effective date and the bill's effective date contingent upon the states of Connecticut, New Jersey, and New York enacting laws having an effect identical to the bill.

Senate Floor Amendment No. 2
Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes. Provides that the privilege tax shall be imposed beginning on July 1, 2017. Provides that the tax shall be imposed at the rate of 20% of the fees calculated by reference to the performance of the investment portfolio funds and not from the investment itself (in the introduced bill, at the rate of 20% until such time as the United States Congress has passed and the President of the United States has signed legislation having an identical effect). Provides that the tax shall not be imposed on fees calculated by reference to the total assets under management of the business engaged in investment management services. Removes the bill's immediate effective date and the bill's effective date contingent upon the states of Connecticut, New Jersey, and New York enacting laws having an effect identical to the bill.

	Balanced Budget Note (Office of Management and Budget)
	The Balanced Budget Note Act does not apply to this bill as it is not a supplemental appropriation that increases or decreases appropriations. Under the Act, a balanced budget note must be prepared only for bills that change a general funds appropriation for the fiscal year in which the new bill is enacted.

	Pension Note (Government Forecasting & Accountability)
	This bill will not impact any public pension fund or retirement system in Illinois.

	State Debt Impact Note (Government Forecasting & Accountability)
	This bill would not change the amount of authorization for any type of State-issued or State-supported bond, and, therefore, would not affect the level of State indebtedness.

	Housing Affordability Impact Note (Housing Development Authority)
	This bill will have no effect on the cost of constructing, purchasing, owning, or selling a single-family residence.

	Judicial Note (Admin Office of the Illinois Courts)
	This bill would neither increase nor decrease the number of judges needed in the State.

	State Mandates Fiscal Note (Dept. of Commerce & Economic Opportunity)
	This bill does not create a State mandate.

	Home Rule Note (Dept. of Commerce & Economic Opportunity)
	This bill does not pre-empt home rule authority.

	Fiscal Note ()

Actions 

Date	Chamber	Action
2/9/2017	Senate	Filed with Secretary by Sen. Daniel Biss
2/9/2017	Senate	First Reading
2/9/2017	Senate	Referred to Assignments
2/28/2017	Senate	Assigned to Revenue
3/9/2017	Senate	Postponed - Revenue
3/16/2017	Senate	Postponed - Revenue
3/16/2017	Senate	Added as Chief Co-Sponsor Sen. Ira I. Silverstein
3/17/2017	Senate	Rule 2-10 Committee Deadline Established As April 7, 2017
4/6/2017	Senate	Postponed - Revenue
4/7/2017	Senate	Rule 2-10 Committee Deadline Established As May 5, 2017
5/2/2017	Senate	Added as Co-Sponsor Sen. Emil Jones, III
5/3/2017	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Daniel Biss
5/3/2017	Senate	Senate Committee Amendment No. 1 Referred to Assignments
5/3/2017	Senate	Senate Committee Amendment No. 1 Assignments Refers to Revenue
5/3/2017	Senate	Senate Committee Amendment No. 1 Adopted
5/4/2017	Senate	Do Pass as Amended Revenue; 005-004-000
5/4/2017	Senate	Placed on Calendar Order of 2nd Reading May 5, 2017
5/4/2017	Senate	Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins
5/4/2017	Senate	Rule 2-10 Third Reading Deadline Established As May 31, 2017
5/4/2017	Senate	Second Reading
5/4/2017	Senate	Placed on Calendar Order of 3rd Reading May 5, 2017
5/11/2017	Senate	Added as Co-Sponsor Sen. Omar Aquino
5/18/2017	Senate	Added as Chief Co-Sponsor Sen. Iris Y. Martinez
5/22/2017	Senate	Added as Co-Sponsor Sen. Cristina Castro
5/23/2017	Senate	Added as Co-Sponsor Sen. Mattie Hunter
5/23/2017	Senate	Senate Floor Amendment No. 2 Filed with Secretary by Sen. Daniel Biss
5/23/2017	Senate	Senate Floor Amendment No. 2 Referred to Assignments
5/23/2017	Senate	Senate Floor Amendment No. 2 Be Approved for Consideration Assignments
5/23/2017	Senate	Recalled to Second Reading
5/23/2017	Senate	Senate Floor Amendment No. 2 Adopted; Biss
5/23/2017	Senate	Placed on Calendar Order of 3rd Reading
5/23/2017	Senate	Third Reading - Passed; 032-024-001
5/24/2017	House	Arrived in House
5/24/2017	House	Chief House Sponsor Rep. Emanuel Chris Welch
5/24/2017	House	Fiscal Note Requested by Rep. David McSweeney
5/24/2017	House	State Mandates Fiscal Note Requested by Rep. David McSweeney
5/24/2017	House	Balanced Budget Note Requested by Rep. David McSweeney
5/24/2017	House	Home Rule Note Requested by Rep. David McSweeney
5/24/2017	House	Housing Affordability Impact Note Requested by Rep. David McSweeney
5/24/2017	House	Judicial Note Requested by Rep. David McSweeney
5/24/2017	House	Pension Note Requested by Rep. David McSweeney
5/24/2017	House	State Debt Impact Note Requested by Rep. David McSweeney
5/24/2017	House	Balanced Budget Note Filed
5/24/2017	House	Pension Note Filed
5/24/2017	House	State Debt Impact Note Filed
5/24/2017	House	Housing Affordability Impact Note Filed
5/24/2017	House	First Reading
5/24/2017	House	Referred to Rules Committee
5/25/2017	House	Judicial Note Filed
5/25/2017	House	Assigned to Revenue & Finance Committee
5/26/2017	House	Final Action Deadline Extended-9(b) May 31, 2017
5/30/2017	House	State Mandates Fiscal Note Filed
5/30/2017	House	Home Rule Note Filed
5/31/2017	House	Do Pass / Short Debate Revenue & Finance Committee; 007-004-000
5/31/2017	House	Fiscal Note Filed
5/31/2017	House	Placed on Calendar 2nd Reading - Short Debate
5/31/2017	House	Final Action Deadline Extended-9(b) June 30, 2017
6/21/2017	House	Second Reading - Short Debate
6/21/2017	House	Held on Calendar Order of Second Reading - Short Debate
6/22/2017	House	Added Alternate Chief Co-Sponsor Rep. Mary E. Flowers
6/30/2017	House	Final Action Deadline Extended-9(b) July 7, 2017
7/6/2017	House	Rule 19(a) / Re-referred to Rules Committee
1/6/2019	Senate	Chief Sponsor Changed to Sen. John J. Cullerton
1/9/2019	Senate	Session Sine Die

Back To Top