100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
Introduced 2/10/2017, by Sen. Omar Aquino
SYNOPSIS AS INTRODUCED:
Creates the Financial Transaction Tax Act. Imposes a tax on the
privilege of engaging in a financial transaction that occurs, is
effectuated, consummated, executed, or cleared at a facility located in the
State. 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 contracts. Effective immediately.
|FISCAL NOTE ACT MAY APPLY|
A BILL FOR
|SB1970||LRB100 10729 HLH 20959 b|
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
This Act may be cited as the
Financial Transaction Tax Act.
Tax imposed; definitions.
(a) Beginning September 1, 2017, a tax is imposed on the
privilege of engaging in a financial transaction that occurs,
is effectuated, consummated, executed, or cleared at a facility
located in the State of Illinois. 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 contracts. The tax shall be paid by both the
seller of each such contract and the purchaser of each such
(b) A tax imposed under this Act, and all civil penalties
that may be assessed as an incident thereof, shall be
administered, collected, and enforced by the Department of
Revenue, in the same manner as required under the Retailers'
Occupation Tax Act insofar as may be applicable. The Department
of Revenue has full power to administer and enforce this Act,
to collect all taxes and penalties due under this Act, to
dispose of taxes and penalties so collected as provided in this