Bill Status of SB 2430   102nd General Assembly

Short Description:  INC TAX-INVESTMENT PARTNERSHIP

Senate Sponsors
Sen. Bill Cunningham and Robert F. Martwick

House Sponsors
(Rep. Jonathan Carroll-Daniel Didech-Kelly M. Burke-Margaret Croke)


Last Action  View All Actions

DateChamber Action
  1/10/2023SenateSession Sine Die

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
  4/20/2021SenateAdded as Co-Sponsor Sen. Robert F. Martwick
  4/20/2021SenateSecond Reading
  4/20/2021SenatePlaced on Calendar Order of 3rd Reading ** April 22, 2021
  4/23/2021SenateThird Reading - Passed; 058-000-000
  4/26/2021HouseArrived in House
  4/26/2021HouseChief House Sponsor Rep. Jonathan Carroll
  4/27/2021HouseFirst Reading
  4/27/2021HouseReferred to Rules Committee
  5/4/2021HouseAssigned to Revenue & Finance Committee
  5/6/2021HouseAdded Alternate Chief Co-Sponsor Rep. Daniel Didech
  5/6/2021HouseAdded Alternate Chief Co-Sponsor Rep. Kelly M. Burke
  5/15/2021HouseRule 19(a) / Re-referred to Rules Committee
  10/18/2021HouseAdded Alternate Chief Co-Sponsor Rep. Margaret Croke
  3/1/2022HouseAssigned to Revenue & Finance Committee
  3/9/2022HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Jonathan Carroll
  3/9/2022HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/15/2022HouseHouse Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee
  3/25/2022HouseHouse Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
  3/25/2022HouseRule 19(a) / Re-referred to Rules Committee
  1/10/2023SenateSession Sine Die

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