Kelly Burke
- Democratic
- Representative
- District 36
Primary
Amends the Illinois Income Tax Act. Makes changes to the definition of “investment partnership” to provide that a dealer in qualifying investment securities may be considered an investment partnership. Allows a partnership interest to be considered a qualified security if the interest qualifies as a security within the meaning of the federal Securities Act of 1933. In provisions requiring that no less than 90% of the investment partnership's gross income shall consist of interest, dividends, and gains from the sale or exchange of qualifying investment securities, provides that that includes the distributive share of partnership income from lower-tier partnership interests and does not include income from partnerships that are operating at a federal taxable loss. Effective immediately.
No votes to display
Rule 19(a) / Re-referred to Rules Committee
Added Co-Sponsor Rep. Steven Reick
To Revenue-Income Tax Subcommittee
Added Co-Sponsor Rep. Elizabeth "Lisa" Hernandez
To Revenue - Property Tax Subcommittee
Added Co-Sponsor Rep. Joe C. Sosnowski
Added Co-Sponsor Rep. Curtis J. Tarver, II
Added Co-Sponsor Rep. Daniel Didech
Assigned to Revenue & Finance Committee
Added Co-Sponsor Rep. Margaret Croke
Filed with the Clerk by Rep. Kelly M. Burke
Referred to Rules Committee
First Reading
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