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IL HB0284

Bill

Official Source

Status

Introduced

1/26/2021

Primary Sponsor

Mary Flowers

Click for details

Origin

House of Representatives

102nd General Assembly

AI Summary

  • Amends the Stock, Commodity, or Options Transaction Tax Exemption Act to allow home rule municipalities with 1,000,000 or more inhabitants (Chicago) to levy taxes on stock, commodity, or options transactions by ordinance

  • Removes the existing statewide prohibition on local government taxation of financial transactions specifically for municipalities meeting the population threshold

  • Maintains the prohibition on levying such taxes for all other home rule units with populations under 1,000,000 inhabitants

  • Effective immediately upon becoming law, with the taxing authority available beginning January 1, 2021

Legislative Description

HOME RULE COMMODITY TAX

Last Action

Added Chief Co-Sponsor Rep. LaToya Greenwood

4/6/2021

Committee Referrals

Rules3/27/2021
Sales, Amusement & Other Taxes3/4/2021
Revenue & Finance2/23/2021
Rules1/29/2021

Full Bill Text

No bill text available