IL HR0212

Expresses opposition to a proposed privilege tax on financial asset transfers occurring on market platforms domiciled in Illinois

Notes that CME Group, headquartered in Chicago, pays $50 million in annual taxes to Illinois and would be directly affected by such a tax

Cites approximately 100,000 jobs connected directly or indirectly to Illinois financial markets that generate income tax, sales tax, and other revenue for the state

Warns that financial transaction platforms are electronic and could easily relocate to other states or countries, potentially causing job losses

States that any such tax would burden savings activities of people worldwide, including Illinois workers saving for retirement