A bill presented last week in the Illinois House would, beginning September 1st, apply a tax of one hundredth of one percent on all transactions carried out by CME Group and CMOE holdings, the biggest U.S. futures-trading platform and the operator of busiest U.S. stock-options market respectively. The bill has been presented as a means of fresh revenue for the cash-stripped state.
The future of the bill is uncertain at present. Key leaders in Springfield, including Governor Quinn, have not yet weighed in on the idea. The bill has not yet been assigned to a committee.
Critics argue the bill would hurt the state overall, encouraging traders and even markets to take their business elsewhere. Defenders argue the revenue generated by the proposed tax could be funneled into schools and healthcare, state programs in need of increased funding.
For more information on this or other tax issues, contact Horowitz & Weinstein.