HB 4293/SB 3189
Amends the Illinois Income Tax Act. Imposes a privilege tax on partnerships and S corporations engaged in the business of conducting investment management services. Provides that the tax shall be imposed at the rate of 20% of the fees calculated by reference to the performance of the investment portfolio funds and not from the investment itself.
Amends the Deposit of State Moneys Act. Disqualifies banks and savings and loan associations that have not achieved a federal Community Reinvestment Act rating ("CRA rating") of "outstanding record of meeting community credit needs" from serving as a depositary of State moneys upon their failure to establish, within 365 days after the effective date of the amendatory Act and each year thereafter, in each low-income and moderate-income geography that is located in those portions of their assessment areas that are in the State, at least one more automated teller machine ("ATM") or branch than they operated in that geography on the first day of the preceding calendar year and to maintain those facilities.
HFA 1 to HB 1274 (Turner) would prohibit financial institutions from charging more than $1 per transaction at ATMs. Business is opposed to this bill as it would create an artificial cap on fees instead of letting it be determined by the private market.
SB 1719 would put Illinois’ vital financial service sector and the tens of thousands of jobs it employs at risk by imposing a new 20% gross receipts tax on partnerships and S corps engaged in the business of conducting investment management services. Illinois has benefited from being a top ten globally-recognized financial hub. SB 1719 would hurt our state’s global reputation and would force investors to look to less hostile cities such as Boston, Dallas, and Charlotte.
It continues the collection of court fees (up to $500) associated with filing a foreclosure lawsuit in Illinois. It also extends a judicial sale fee (up to $300) on foreclosed homes. The General Assembly passed agreed legislation in 2013 that authorized the temporary collection of “graduated” foreclosure filing feeds until January 1, 2018. Portions of these temporary filing fees are granted housing counseling agencies and to local governments for abandoned property costs. SB 647 would violate the agreement in 2013 by extending the sunset date for collecting temporary court filing fees. The bill also seeks to extend the collection of a judicial sale fee payable by third-party purchasers of foreclosed residential properties.
Allows the City of Chicago to enact, by ordinance, to levy a tax on stocks, commodities, or options transactions.