IL HR0727

Illinois House of Representatives opposes the imposition of a privilege tax on financial transactions occurring on market platforms domiciled in Illinois

CME Group, headquartered in Chicago, pays $50 million annually in direct taxes to Illinois and would be significantly affected by a financial transaction tax

An estimated 100,000 jobs are directly or indirectly connected to Illinois financial markets, generating income tax, sales tax, and other revenues for state and local governments

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

Asserts that any such tax would burden retirement savings activities of Illinois workers and people worldwide who use these platforms