IL SR0742

Senate Resolution opposing House Bill 1554, which would impose a 0.01% tax on financial transactions conducted on Illinois' four major exchanges (Chicago Stock Exchange, Chicago Mercantile Exchange, Chicago Board of Trade, and Chicago Board Options Exchange).

Cites Illinois residents already pay higher state and local taxes than residents of neighboring states, with a 66% income tax increase imposed in 2011.

Claims a financial transaction tax would negatively impact the Illinois economy, reduce job creation at financial exchanges, and harm average investors saving for retirement.

Expresses the Senate's belief that Illinois should not enact a tax on financial transactions.

Directs copies of the resolution be sent to Illinois constitutional officers, House and Senate leadership.