SB3772 Summary

• Amends the Illinois Income Tax Act to modify the definition of "investment partnership" by removing the prohibition against dealers in qualifying investment securities from being considered investment partnerships.

• Expands the definition of "qualifying investment securities" to include partnership interests that qualify as securities under Section 2(a)(1) of the federal Securities Act of 1933.

• Allows a partnership interest in another investment partnership to be considered a qualifying investment security for purposes of the investment partnership definition.

• Takes effect immediately upon becoming law.