HB0569 Summary

• Amends the Illinois Income Tax Act's definition of "investment partnership" to remove the restriction that a dealer in qualifying investment securities cannot be considered an investment partnership.

• 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 partnership interests in another investment partnership to qualify as securities within an investment partnership structure.

• Takes effect immediately upon becoming law.