IL HB0283

Imposes a $1 per transaction tax on financial transactions conducted on the Chicago Stock Exchange, Chicago Mercantile Exchange, Chicago Board of Trade, and Chicago Board Options Exchange, effective January 1, 2022.

Tax applies only to transactions involving agricultural products, financial instruments contracts, or options contracts, but excludes securities held in retirement accounts and mutual fund transactions.

Transactions executed via open outcry that are physically filled on the exchange floor are exempt from the tax.

Exchanges and boards of trade collect and remit the tax biannually to the Department of Revenue, with permission to retain 5% of collected amounts to cover administrative expenses.

Department of Revenue administers and enforces the tax with revenue directed to the General Revenue Fund; provisions of the Retailers' Occupation Tax Act and Uniform Penalty and Interest Act apply to implementation.