HB0023 - Financial Transaction Tax Act

• Creates a $1 per transaction tax beginning January 1, 2020 on financial transactions (stocks, futures, swaps, options, and credit default swaps) executed on the Chicago Stock Exchange, Chicago Mercantile Exchange, Chicago Board of Trade, and Chicago Board Options Exchange.

• Exempts transactions involving securities held in retirement accounts, mutual funds, and all transactions executed via open outcry that are physically filled on the exchange floor.

• Requires exchanges and boards of trade to collect and remit the tax biannually to the Department of Revenue, with a 5% retention allowance to cover administrative costs.

• Applies provisions of the Retailers' Occupation Tax Act and Uniform Penalty and Interest Act to tax administration, enforcement, and recordkeeping requirements.

• Authorizes the Department of Revenue to adopt emergency rules to implement the act, with revenues deposited into the General Revenue Fund.