SURCHARGE-PASSIVE INCOME
Summary
Amends the Illinois Income Tax Act. Provides that in addition to any tax that may be imposed under Section 201, income from passive investments is subject to an annual surcharge of 0.5%, where the total dollar value of passive investments producing the income equals $2,000,000 or more. Provides that all revenue realized from these provisions shall be deposited into the Common School Fund. Defines "passive activity income".
Bill status
in committee
1 of 4 stages cleared
Introduction
Feb 2019
Committee Review
Floor Vote
Governor
Introduced Feb 13, 2019
Last action Mar 29, 2019
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
6
Key actions
1
Committee
4
Mar 29, 2019
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
Mar 6, 2019
Lower · Passed
To Income Tax Subcommittee
lower
Feb 26, 2019
Committee
Assigned to Revenue & Finance Committee
lower
Feb 13, 2019
Committee
Referred to Rules Committee
lower
0 primary · 1 co-sponsor
Sponsors
No sponsor information available.
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