IL HB1023

Imposes a $1 tax per financial transaction on the Chicago Stock Exchange, Chicago Mercantile Exchange, Chicago Board of Trade, and Chicago Board Options Exchange beginning January 1, 2024.

Tax applies to transactions involving stock contracts, futures contracts, swap contracts, credit default swaps, and options contracts, but excludes retirement account securities and mutual funds.

Exempts transactions executed via open outcry that are physically filled on the exchange floor from the tax.

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

Establishes that the Department of Revenue administers and enforces the tax, with revenues deposited into the General Revenue Fund, and permits emergency rulemaking through December 2025.