IL SB1970

Creates the Financial Transaction Tax Act imposing a tax on financial transactions occurring at Illinois facilities, effective September 1, 2017.

Imposes a tax rate of $1 per contract for transactions involving agricultural products and $2 per contract for all other financial contracts.

Both sellers and purchasers of each contract are required to pay the tax.

Covers futures contracts, swap contracts, credit default swaps, options contracts, futures option contracts, stock index options, and other derivatives, but excludes retirement account securities and mutual funds.

Department of Revenue administers and collects the tax under Retailers' Occupation Tax Act procedures, with all revenue deposited into the General Revenue Fund.