Bill Text: IL HB2458 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the Stock, Commodity, or Options Transaction Tax Exemption Act. Provides that a home rule municipality with 1,000,000 or more inhabitants may, by ordinance, levy a tax on stock, commodity or options transactions. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB2458 Detail]

Download: Illinois-2017-HB2458-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB2458 Introduced , by Rep. Mary E. Flowers SYNOPSIS AS INTRODUCED:
35 ILCS 820/1 from Ch. 121 1/2, par. 1001
35 ILCS 820/2 from Ch. 121 1/2, par. 1002
Amends the Stock, Commodity, or Options Transaction Tax Exemption Act. Provides that a home rule municipality with 1,000,000 or more inhabitants may, by ordinance, levy a tax on stock, commodity or options transactions. Effective immediately.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning local government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Stock, Commodity, or Options Transaction Tax
Exemption Act is amended by changing Sections 1 and 2 as
follows:
(35 ILCS 820/1) (from Ch. 121 1/2, par. 1001)
Sec. 1. No unit of local government shall levy any tax on
stock, commodity or options transactions, except that,
beginning on January 1, 2018, a home rule municipality with
1,000,000 or more inhabitants may, by ordinance, levy such a
tax.
(Source: P.A. 82-1035.)
(35 ILCS 820/2) (from Ch. 121 1/2, par. 1002)
Sec. 2. No home rule unit, as defined in Article VII of the
Illinois Constitution, other than a home rule municipality with
1,000,000 or more inhabitants, shall have the power to change,
alter or amend in any way the provisions of Article I of this
Act, and it is declared to be the law of this State, pursuant
to paragraph (g) of Section 6 of Article VII of the
Constitution, that home rule units with a population of less
than 1,000,000 inhabitants shall not have the power to levy any

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tax on stock commodity or options transactions.
(Source: P.A. 82-1035.)
Section 99. Effective date. This Act takes effect upon
becoming law.