![]() At a televised debate in January 2018, Pritzker said he would not support a financial transaction tax, instead favoring a graduated income tax.Īccording to H.B. Pritzker (D) will take place on January 14, and he will begin his term with large, veto-proof Democratic majorities in both the House and Senate. Bruce Rauner’s (R) vetoes on several appropriations bills. ![]() Most were victims of the infamous Illinois budget impasse, which ran for over two years and wasn’t broken until 2017, after a Democratic majority in the House and Senate overrode Gov. 1970 - but they never made it out of committee. Over the past five years, numerous financial transaction tax bills have been introduced - including H.B. I’m just trying to make this state better and put us on a level playing field.” “I’m willing to negotiate, and I’m not trying to be greedy. 106. That bill would have imposed a $1 tax on transactions with agricultural products as an underlying asset and a $2 tax per contract on other derivatives. Exchange holding company Cboe, which runs the Chicago Board Options Exchange and three other options exchanges, saw a new all-time-high average daily volume of 7.87 million contracts in 2018, up 13 percent from 2017, according to a January 7 news release.įlowers introduced a financial transaction tax in 2015, under H.B. The group said in a January 3 news release that it reached a record average daily volume of 19.2 million contracts per day during 2018, up 18 percent from 2017, though this number also includes contracts - such as open outcry -that would not be taxed under H.B. The Chicago Mercantile Exchange and Chicago Board of Trade are both operated by CME Group Inc. “Why is it other states and countries can do business but don’t have to pay the same thing?” Everyone else has to pay a transaction tax on everything we purchase,” Flowers told Tax Notes. ![]() Transactions that are physically filled "via open outcry" on the trading floor would also be exempt, according to the bill. It exempts transactions involving securities held in a retirement account and transactions involving mutual funds. The bill defines the term “financial transaction” as the purchase or sale of a stock contract, futures contract, swap contract, credit default swap contract, or options contract. The tax would be imposed on transactions for which the underlying asset is an agricultural product, a financial instruments contract, or an options contract. 23 would impose a $1-per-transaction tax on the Chicago Stock Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, and the Chicago Board Options Exchange. Flowers (D) has taken a stab at the ever-elusive financial transactions tax, also called a “LaSalle Street Tax” after the Chicago financial district. Illinois lawmakers have unsuccessfully tried to tax financial transactions before, but with $7.49 billion in unpaid bills and a possible $1 billion budget deficit in 2019, the tax is one in a range of options on the table this session.
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