Illinois General Assembly - Bill Status for SB1880

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 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.

Actions

Date	Chamber	Action
2/9/2023	Senate	Filed with Secretary by Sen. Bill Cunningham
2/9/2023	Senate	First Reading
2/9/2023	Senate	Referred to Assignments
2/21/2023	Senate	Assigned to Revenue
3/9/2023	Senate	Do Pass Revenue; 009-000-000
3/9/2023	Senate	Placed on Calendar Order of 2nd Reading March 10, 2023
3/21/2023	Senate	Senate Floor Amendment No. 1 Filed with Secretary by Sen. Bill Cunningham
3/21/2023	Senate	Senate Floor Amendment No. 1 Referred to Assignments
3/22/2023	Senate	Senate Floor Amendment No. 1 Assignments Refers to Revenue
3/22/2023	Senate	Second Reading
3/22/2023	Senate	Placed on Calendar Order of 3rd Reading March 23, 2023
3/23/2023	Senate	Third Reading - Passed; 058-000-000
3/23/2023	Senate	Senate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
3/23/2023	House	Arrived in House
3/23/2023	House	Chief House Sponsor Rep. Kelly M. Burke
3/24/2023	House	First Reading
3/24/2023	House	Referred to Rules Committee
4/11/2023	House	Assigned to Revenue & Finance Committee
4/28/2023	House	Rule 19(a) / Re-referred to Rules Committee

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