SR0742 98TH GENERAL ASSEMBLY

SR0742 LRB098 15012 GRL 49969 r

SENATE RESOLUTION

WHEREAS, The term "financial transaction" means a transaction involving the purchase or sale of a stock contract, futures contract, swap contract, credit default swap contract, or options contract; and

WHEREAS, The State of Illinois is home to 4 major financial exchanges and boards of trade: the Chicago Stock Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, and the Chicago Board Options Exchange; and

WHEREAS, House Bill 1554 of the 98th General Assembly of the State of Illinois seeks to impose a .01% tax on each transaction conducted on those boards of trade; and

WHEREAS, A 2010 Tax Foundation study found that Illinois residents paid a higher amount of State and local taxes than residents of any of Illinois' neighboring states; and

WHEREAS, In 2011, Illinois increased this tax burden by raising income taxes 66%; and

WHEREAS, Any tax on all financial transactions would be detrimental to the overall economy in the State of Illinois and would hurt the overall job creation of the different companies involved on these various exchanges located in Illinois; and

WHEREAS, The financial sector and the overall economy for the State of Illinois would be significantly negatively impacted by a financial transaction tax; and

WHEREAS, A financial transaction tax would harm average investors who are saving for retirement; therefore, be it

RESOLVED, BY THE SENATE OF THE NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we state our belief that the State of Illinois should not enact a tax on financial transactions; and be it further

RESOLVED, That suitable copies of this resolution be delivered to all Illinois constitutional officers, the Speaker and Minority Leader of the Illinois House of Representatives, and the President and Minority Leader of the Illinois Senate.