Illinois · Senate Bill 1880 · 103rd General Assembly
INC TAX-INVESTMENT PARTNERSHIP
SB 1880Sponsored by
Bill CunninghamPassed one chamber, then died
IntroducedFeb 9, 2023
In committeeFeb 9, 2023
Passed the SenateMar 23, 2023
Died
To the governor
Became law
What it does
The legislature's own summary of the bill, or its official long title.
Amends the Illinois Income Tax Act. Makes changes to the definition of "investment partnership" to provide that a dealer in qualifying investment securities may be considered an investment partnership. Allows a partnership interest to be considered a qualified security if the interest qualifies as a security within the meaning of the federal Securities Act of 1933. In provisions requiring that no less than 90% of…
Read the full title (117 words)
Amends the Illinois Income Tax Act. Makes changes to the definition of "investment partnership" to provide that a dealer in qualifying investment securities may be considered an investment partnership. Allows a partnership interest to be considered a qualified security if the interest qualifies as a security within the meaning of the federal Securities Act of 1933. In provisions requiring that no less than 90% of the investment partnership's gross income shall consist of interest, dividends, and gains from the sale or exchange of qualifying investment securities, provides that that includes the distributive share of partnership income from lower-tier partnership interests and does not include income from partnerships that are operating at a federal taxable loss. Effective immediately.
Every action
20 steps, oldest first, as the legislature records them.
Show the 12 earlier steps
SenateFiled with Secretary by Sen. Bill Cunningham
SenateFirst Reading
CommitteeReferred to Assignments · Senate Assignments
