Bill Cunningham
- Democratic
- Senator
- District 18
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.
Rule 19(a) / Re-referred to Rules Committee
Assigned to Revenue & Finance Committee
First Reading
Referred to Rules Committee
Third Reading - Passed; 058-000-000
Chief House Sponsor Rep. Kelly M. Burke
Arrived in House
Senate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
Second Reading
Senate Floor Amendment No. 1 Assignments Refers to Revenue
Placed on Calendar Order of 3rd Reading March 23, 2023
Senate Floor Amendment No. 1 Referred to Assignments
Senate Floor Amendment No. 1 Filed with Secretary by Sen. Bill Cunningham
Placed on Calendar Order of 2nd Reading March 10, 2023
Do Pass Revenue; 009-000-000
Assigned to Revenue
First Reading
Referred to Assignments
Filed with Secretary by Sen. Bill Cunningham
| Bill Text Versions | Format |
|---|---|
| Introduced | HTML PDF |
| Engrossed | HTML PDF |
| Senate Amendment 001 | HTML PDF |
| Document | Format |
|---|---|
| No related documents. |
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