2005 Illinois Code - Chapter 35 Revenue 35 ILCS 820/ Stock, Commodity, or Options Transaction Tax Exemption Act.
(35 ILCS 820/0.01) (from Ch. 121 1/2, par. 1000)
Sec. 0.01.
Short title.
This Act may be cited as the
Stock, Commodity, or Options Transaction Tax Exemption Act.
(Source: P.A. 86‑1324.)
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(35 ILCS 820/1) (from Ch. 121 1/2, par. 1001)
Sec. 1.
No unit of local government shall levy any tax on stock, commodity
or options transactions.
(Source: P.A. 82‑1035.)
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(35 ILCS 820/2) (from Ch. 121 1/2, par. 1002)
Sec. 2.
No home rule unit, as defined in Article VII of the Illinois
Constitution, shall have the power to change, alter or amend in any
way the provisions of Article I of this Act, and it is declared to be
the law of this State, pursuant to paragraph (g) of Section 6 of
Article VII of the Constitution, that home rule units shall not have
the power to levy any tax on stock commodity or options transactions.
(Source: P.A. 82‑1035.)
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(35 ILCS 820/3)
Sec. 3. Construction of Act. Nothing in this Act shall be construed as
prohibiting or
otherwise invalidating any real estate transfer tax or fee authorized
or permitted by
Section 31‑10 of the Property Tax Code,
Sections 5‑1031 and
5‑1031.1 of the Counties
Code,
or
Section 8‑3‑19 of the Illinois Municipal Code. This Section is intended as a
clarification
and not as a change to existing law.
(Source: P.A. 93‑657, eff. 6‑1‑04; 93‑1099, eff. 6‑1‑05.)
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