SB 2199

Abstract

Creates the Financial Transaction Tax Act. Beginning January 1, 2016, 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 contract for all transactions for which the underlying asset is an agricultural product and $2 per contract for all other transactions. Provides that the term "financial transaction" means a transaction involving the purchase or sale of a stock contract, futures contract, futures option 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.