Below are legislative updates in December 2015.
SB 2039 passed the Senate this week, and was quickly signed into law by Gov. Bruce Rauner. The Senate vote was 53-0 and was agreed upon in less than 10 minutes.
The $1.9 billion bill frees tax revenue on motor fuel and contains pass-through funds for local road districts, 911 services, lottery prizes, gaming revenues to local governments, various veteran and human services grants, and includes $28 million in GRF for domestic violence services and the Secretary of State’s office.
Gov. Rauner approved HB 1285 on Fri., Dec. 4, which is Chamber-supported bill on unemployment insurance. The vote was 110-1. The bill broadens the definition of “misconduct” so that employers will not have to prove that eight kinds of misconduct that led to termination was “willful and deliberate”. The bill also prevents the increase of $470 million in unemployment insurance taxes, and prevent further changes to the UI law until Jan. 1, 2018. For more information on the approved bill click here.
Financial Transaction Tax Act
SB 2199 is a new piece of legislation that was filed last Friday by Sen. Michael Noland. The bill would impose a new financial transaction tax effective Jan. 1, 2016. The legislation would impose a tax on engaging in financial transactions on the Chicago Stock Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, and the Chicago Board of Options Exchange at a rate of $1 per transaction for which the underlying asset is an agricultural product and $2 per contract for all other transactions. The taxes collected would be earmarked for school funding.
This Illinois Chamber of Commerce would strongly oppose this legislation if forward movement occurs.
The House and Senate are scheduled to return to Springfield on January 13.