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SB 1719 Illinois Senate · 100th Regular Session

INC TAX-INVESTMENT MANAGEMENT

Summary
Amends the Illinois Income Tax. Imposes a privilege tax at a rate of 20% on partnerships and S corporations engaged in the business of conducting investment management services, until such time as a federal law with an identical effect has been enacted. Provides for the determination of the tax due, defines "investment management services". Effective immediately, but this Act does not take effect at all unless the states of Connecticut, New Jersey, and New York enact laws having an effect identical to this Act.
Bill status failed 3 of 5 stages cleared
Introduction
May 2017
Committee Review
Jul 2017
Senate Passage
May 2017
House Passage
Governor
Introduced May 24, 2017 Last action Jan 9, 2019
Floor votes · Senate May 23, 2017

How they voted

28–22
Passed · 2 other
Total votes 52
May 23, 2017
D Democratic32
28 Yea 2 Nay 2
87% Yea
R Republican20
20 Nay
100% Nay
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
65
Key actions
8
Committee
12
Amendments
5
Jul 6, 2017
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
May 31, 2017
Lower · Passed
Do Pass / Short Debate Revenue & Finance Committee; 007-004-000
lower
May 25, 2017
Committee
Assigned to Revenue & Finance Committee
lower
May 24, 2017
Committee
Referred to Rules Committee
lower
May 24, 2017
Introduced
Arrived in House
lower
May 23, 2017
Upper · Passed
Senate Floor Amendment No. 2 Adopted; Biss
upper
May 23, 2017
Introduced
Senate Floor Amendment No. 2 Be Approved for Consideration Assignments
upper
May 23, 2017
Committee
Senate Floor Amendment No. 2 Referred to Assignments
upper
May 23, 2017
Introduced
Senate Floor Amendment No. 2 Filed with Secretary by Sen. Daniel Biss
upper
May 23, 2017
Senate · Passed
Senate Vote: pass (28-22-2)
senate
May 4, 2017
Upper · Passed
Do Pass as Amended Revenue; 005-004-000
upper
May 3, 2017
Upper · Passed
Senate Committee Amendment No. 1 Adopted
upper
May 3, 2017
Upper · Passed
Senate Committee Amendment No. 1 Assignments Refers to Revenue
upper
May 3, 2017
Committee
Senate Committee Amendment No. 1 Referred to Assignments
upper
May 3, 2017
Introduced
Senate Committee Amendment No. 1 Filed with Secretary by Sen. Daniel Biss
upper
Apr 7, 2017
Upper · Passed
Rule 2-10 Committee Deadline Established As May 5, 2017
upper
Mar 17, 2017
Upper · Passed
Rule 2-10 Committee Deadline Established As April 7, 2017
upper
Feb 28, 2017
Committee
Assigned to Revenue
upper
Feb 9, 2017
Committee
Referred to Assignments
upper
0 primary · 1 co-sponsor

Sponsors

No sponsor information available.