Illinois General Assembly - Full Text of HB0284
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Full Text of HB0284  102nd General Assembly

HB0284 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB0284

 

Introduced 1/29/2021, by Rep. Mary E. Flowers

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 820/1  from Ch. 121 1/2, par. 1001
35 ILCS 820/2  from Ch. 121 1/2, par. 1002

    Amends the Stock, Commodity, or Options Transaction Tax Exemption Act. Provides that a home rule municipality with 1,000,000 or more inhabitants may, by ordinance, levy a tax on stock, commodity or options transactions. Effective immediately.


LRB102 03621 HLH 13634 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB0284LRB102 03621 HLH 13634 b

1    AN ACT concerning local government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Stock, Commodity, or Options Transaction
5Tax Exemption Act is amended by changing Sections 1 and 2 as
6follows:
 
7    (35 ILCS 820/1)  (from Ch. 121 1/2, par. 1001)
8    Sec. 1. No unit of local government shall levy any tax on
9stock, commodity or options transactions, except that,
10beginning on January 1, 2021, a home rule municipality with
111,000,000 or more inhabitants may, by ordinance, levy such a
12tax.
13(Source: P.A. 82-1035.)
 
14    (35 ILCS 820/2)  (from Ch. 121 1/2, par. 1002)
15    Sec. 2. No home rule unit, as defined in Article VII of the
16Illinois Constitution, other than a home rule municipality
17with 1,000,000 or more inhabitants, shall have the power to
18change, alter or amend in any way the provisions of Article I
19of this Act, and it is declared to be the law of this State,
20pursuant to paragraph (g) of Section 6 of Article VII of the
21Constitution, that home rule units with a population of less
22than 1,000,000 inhabitants shall not have the power to levy

 

 

HB0284- 2 -LRB102 03621 HLH 13634 b

1any tax on stock commodity or options transactions.
2(Source: P.A. 82-1035.)
 
3    Section 99. Effective date. This Act takes effect upon
4becoming law.