Date	Chamber	Action
3/10/2023	House	Rule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance

New Act

5 ILCS 100/5-45.35 new

Synopsis As Introduced
Creates the Financial Transaction Tax Act. Beginning January 1, 2024, imposes a tax on the privilege of engaging in a financial transaction on the Chicago Stock Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, or the Chicago Board Options Exchange. Provides that the tax is imposed at a rate of $1 per transaction for all transactions for which the underlying asset is an agricultural product, a financial instruments contract, or an options contract. Provides that transactions executed via open outcry that are physically filled on the exchange floor are exempt from the tax. Provides that the term "financial transaction" means a transaction involving the purchase or sale of a stock contract, futures 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 January 1, 2024.

Actions 

Date	Chamber	Action
12/19/2022	House	Prefiled with Clerk by Rep. Mary E. Flowers
1/12/2023	House	First Reading
1/12/2023	House	Referred to Rules Committee
2/21/2023	House	Assigned to Revenue & Finance Committee
2/23/2023	House	To Revenue-Income Tax Subcommittee
3/10/2023	House	Rule 19(a) / Re-referred to Rules Committee

Back To Top