Illinois 101st Regular Session Status: In Committee 1 D cosponsors

HB 23 — FINANCIAL TRANSACTION TAX

Last action — Rule 19(b) / Re-referred to Rules Committee

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 101st Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Creates the Financial Transaction Tax Act. Beginning January 1, 2020, imposes a tax on the privilege of engaging in a financial transaction on any of the following exchanges or boards of trade: the Chicago Stock Exchange; the Chicago Mercantile Exchange; the Chicago Board of Trade; or the Chicago Board Options Exchange. Provides that the tax is imposed at a rate of $1 per transaction for all transactions for which the underlying asset is an agricultural product, a financial instruments contract, or an options contract. Provides that transactions executed via open outcry that are physically filled on the exchange floor are exempt from the tax. Provides that the term "financial transaction" means a transaction involving the purchase or sale of a stock contract, futures contract, swap contract, credit default swap contract, or options contract, but does not include a transaction involving securities held in a retirement account or a transaction involving a mutual fund. Effective January 1, 2020.

Bill Text

Action History

  1. Rule 19(b) / Re-referred to Rules Committee

  2. Added Co-Sponsor Rep. Edgar Gonzalez, Jr.

  3. To Sales, Amusement & Other Taxes Subcommittee

  4. Assigned to Revenue & Finance Committee

  5. Added Chief Co-Sponsor Rep. Delia C. Ramirez

  6. Rule 19(a) / Re-referred to Rules Committee

  7. To Sales, Amusement & Other Taxes Subcommittee

  8. Added Chief Co-Sponsor Rep. Gregory Harris

  9. Assigned to Revenue & Finance Committee

  10. Referred to Rules Committee

  11. First Reading

  12. Prefiled with Clerk by Rep. Mary E. Flowers

Sponsors

  • Mary E. Flowers · Cosponsor
  • Gregory Harris · Cosponsor
  • Delia C. Ramirez · Cosponsor
  • Jr. Edgar González · Cosponsor

Sponsorship breakdown

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0 sponsors · 4 co-sponsors · 179 not signed on

Sponsors (0)

None.

Co-sponsors (4)

Not signed on (179)

179 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation finance
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Frequently asked questions

What does HB 23 do?
Creates the Financial Transaction Tax Act. Beginning January 1, 2020, imposes a tax on the privilege of engaging in a financial transaction on any of the following exchanges or boards of trade: the Chicago Stock Exchange; the Chicago Mercantile Exchange; the Chicago Board of Trade; or the Chicago Board Options Exchange. Provides that the tax is imposed at a rate of $1 per transaction for all transactions for which the underlying asset is an agricultural product, a financial instruments contract, or an options contract. Provides that transactions executed via open outcry that are physically filled on the exchange floor are exempt from the tax. Provides that the term "financial transaction" means a transaction involving the purchase or sale of a stock contract, futures contract, swap contract, credit default swap contract, or options contract, but does not include a transaction involving securities held in a retirement account or a transaction involving a mutual fund. Effective January 1, 2020.
Who sponsors HB 23?
HB 23 is sponsored by Mary E. Flowers, Gregory Harris, Delia C. Ramirez, and Edgar González, Jr. (Democrat).
What is the current status of HB 23?
This bill died with 101st Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 23?
Track HB 23 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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