Bill Text: IL HB3237 | 2013-2014 | 98th General Assembly | Introduced
Bill Title: Creates the Financial Transaction Tax Act. Beginning January 1, 2014, 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, and the Chicago Board Options Exchange. Provides that the tax is imposed at a rate of $1 per transaction. 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 immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2014-12-03 - Session Sine Die [HB3237 Detail]
Download: Illinois-2013-HB3237-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 1. Short title. This Act may be cited as the | ||||||||||||||||||||||||
5 | Financial Transaction Tax Act.
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6 | Section 5. Tax imposed; definitions. | ||||||||||||||||||||||||
7 | (a) Beginning January 1, 2014, a tax is imposed on the | ||||||||||||||||||||||||
8 | privilege of engaging in a financial transaction on any of the | ||||||||||||||||||||||||
9 | following exchanges or boards of trade: the Chicago Stock | ||||||||||||||||||||||||
10 | Exchange, the Chicago Mercantile Exchange, the Chicago Board of | ||||||||||||||||||||||||
11 | Trade, and the Chicago Board Options Exchange. The tax is | ||||||||||||||||||||||||
12 | imposed at a rate of $1 per transaction. The tax shall be paid | ||||||||||||||||||||||||
13 | by the trading facility or, in any other case, by the purchaser | ||||||||||||||||||||||||
14 | involved in the transaction. | ||||||||||||||||||||||||
15 | (b) A tax imposed under this Act, and all civil penalties | ||||||||||||||||||||||||
16 | that may
be assessed as an incident thereof, shall be | ||||||||||||||||||||||||
17 | administered, collected, and
enforced by the Illinois | ||||||||||||||||||||||||
18 | Department of Revenue, and commodity brokers shall register | ||||||||||||||||||||||||
19 | with the Department, in the same manner as required under the | ||||||||||||||||||||||||
20 | Retailers' Occupation Tax Act insofar as may be applicable.
The | ||||||||||||||||||||||||
21 | Department of Revenue has full power to administer and enforce
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22 | this Act, to collect all taxes and penalties due under this | ||||||||||||||||||||||||
23 | Act, to dispose
of taxes and penalties so collected as provided |
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1 | in this Act, and
to determine all rights to credit memoranda | ||||||
2 | arising on account of the
erroneous payment of tax or penalty | ||||||
3 | under this Act. The Department of Revenue shall pay over to the | ||||||
4 | State Treasurer all taxes and penalties collected under this | ||||||
5 | Act for deposit into the General Revenue Fund. | ||||||
6 | For the purpose of this Act, "financial transaction" means | ||||||
7 | a transaction involving the purchase or sale of a stock | ||||||
8 | contract, futures contract, swap contract, credit default swap | ||||||
9 | contract, or options contract, but does not include a | ||||||
10 | transaction involving securities held in a retirement account | ||||||
11 | or a transaction involving a mutual fund.
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12 | Section 10. Rules. The Department shall adopt | ||||||
13 | administrative rules to implement and administer this Act. | ||||||
14 | Initial rules may be adopted as emergency rules.
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15 | Section 15. Interstate commerce exemption. No tax is | ||||||
16 | imposed under this Act upon the privilege of engaging in a | ||||||
17 | business in interstate commerce or otherwise when the business | ||||||
18 | may not, under the Constitution and statutes of the United | ||||||
19 | States, be made the subject of taxation by this State.
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20 | Section 99. Effective date. This Act takes effect upon | ||||||
21 | becoming law.
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