IL HB1051

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

Creates an exception to the existing prohibition that prevents all units of local government from taxing financial transactions

Effectively applies only to Chicago, as it is the only Illinois municipality with a population exceeding 1,000,000

Maintains the prohibition on taxing stock, commodity, or options transactions for all other home rule units with populations under 1,000,000

Takes effect immediately upon becoming law, with the taxing authority available beginning January 1, 2024