In an ongoing proposed new tax for Illinois traders, the proposed Illinois House Bill 23 has been assigned to the Illinois House Revenue and Finance Committee for review https://trackbill.com/bill/illinois-house-bill-23-financial-transaction-tax/1619965/
It claims to promote job growth (presumably by exempting the tax on trades executed via open outcry) and economic stability but places the foremost reason for the tax being the fact that “Illinois currently faces a serious budget crisis.” as stated in the second sentence of the bill proposed by Mary Flowers. Apparently Ms. Flowers does not understand that electronic trading can be conducted from any place on the planet and businesses will gravitate to more competitive tax jurisdictions over time.
A recent article by Center Square https://www.thecentersquare.com/illinois/proposed-financial-transaction-tax-could-be-heard-in-springfield/article_72327e4c-5739-11ea-ac58-a73f5c6e6c43.html outlines some of the likely outcomes of enacting such a draconian tax.
Torrey & Gray is a top Chicago area financial recruiting and staffing firm. We place finance and accounting professionals that help your organization prosper. Contact us to discuss how we can help you with your next critical hire or project.