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: |
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35 ILCS 820/1 | from Ch. 121 1/2, par. 1001 |
35 ILCS 820/2 | from Ch. 121 1/2, par. 1002 |
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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.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | | HB0284 | | LRB102 03621 HLH 13634 b |
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| 1 | | AN ACT concerning local government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Stock, Commodity, or Options Transaction
| 5 | | Tax Exemption Act is amended by changing Sections 1 and 2 as | 6 | | follows:
| 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 | 9 | | stock, commodity
or options transactions , except that, | 10 | | beginning on January 1, 2021, a home rule municipality with | 11 | | 1,000,000 or more inhabitants may, by ordinance, levy such a | 12 | | tax .
| 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 | 16 | | Illinois
Constitution, other than a home rule municipality | 17 | | with 1,000,000 or more inhabitants, shall have the power to | 18 | | change, alter or amend in any
way the provisions of Article I | 19 | | of this Act, and it is declared to be
the law of this State, | 20 | | pursuant to paragraph (g) of Section 6 of
Article VII of the | 21 | | Constitution, that home rule units with a population of less | 22 | | than 1,000,000 inhabitants shall not have
the power to levy |
| | | HB0284 | - 2 - | LRB102 03621 HLH 13634 b |
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| 1 | | any tax on stock commodity or options transactions.
| 2 | | (Source: P.A. 82-1035.)
| 3 | | Section 99. Effective date. This Act takes effect upon | 4 | | becoming law.
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