Status on Illinois' Proposed 20% Tax on GROSS Fee Income (HB3393 and SB1719)

Legislative Update

Status on Illinois’ Proposed 20% Tax on GROSS Fee income


Update on the House Version of the bill:

HB3393, sponsored by Rep. Chris Welch, was not called for a vote before the April 28 deadline for final passage or "third reading" in the Illinois House of Representatives.

With strong opposition from IVCA, the Illinois Bankers Association, Illinois Chamber of Commerce, and other parties of our coalition, we were able to prevent a vote from occurring.

Our lobbying team and legislators who oppose the bill, highlighted by the hard work of Rep. David McSweeney, helped keep the proponents under the 60 votes needed to pass the bill in the House. 

With Republicans unanimous in opposition, our focus has been on Democratic legislators we believe may share our concerns, including Rep. Kelly Burke, Rep. Elaine Nekritz, and Rep. Carol Sente, who have indicated they intend to vote against the bill.

Procedurally, HB 3393 has been moved back to the Rules Committee, which means that it must be sent through the committee process once again before it can be read three times and voted on.  It is our understanding that this bill remains a priority for the Illinois Federation of Teachers and the Chicago Teachers Union.

We are continuing to speak with members of the House and would ask that you make

contact with the following individuals:

Please also contact your own legislators:

  • Who are my legislators?  Click here
  • Contact for your legislators:  Click here

 

Sample Email
 
Subject: Vote “no” on HB3393


Dear Rep. ______,


I am deeply concerned that the Illinois Legislature has chosen to target Investment Advisors with a 20% tax on gross fee income. 


Investment is the engine of our economy.  Without investor dollars to back management growing a company’s property, plant, equipment, and human resources, Illinois’ economy will stagnate and then decline precipitously. Please ensure that the poorly considered bill does not move forward.


I encourage you to vote “no” on HB3393.


Sincerely,


NAME
Home Address


Update on the Senate version of the bill:

SB1719, chief sponsor (Gubernatorial Candidate) Sen. Daniel Biss, amended his bill to mirror the House version, removing the provision requiring certain states to pass similar legislation and instead making the effective date July 1st.

The bill was heard in Senate Revenue committee last Thursday. Senator Biss sits on the committee, along with two of the bills' co-sponsors, Senator Ira Silverstein and Senator Emil Jones III.  Senator Tom Cullerton, who does not usually sit on Senate Revenue, was substituted for Senator Jones, and provided the sole Democratic ‘no’ vote.  The bill passed out of committee and sits poised for a vote on the Senate floor. It does appear to be a priority for Senator Biss and all efforts are focused on contacting Senate members to urge their no votes.  Specifically, we ask that you contact:


Please also contact your own legislators:

  • Who are my legislators?  Click here
  • Contact for your legislators:  Click here

 

Sample Email


 
Subject: Vote “no” on SB1719

Dear Sen. ______,


I am deeply concerned that the Illinois Legislature has chosen to target Investment Advisors with a 20% tax on gross fee income. 


Investment is the engine of our economy.  Without investor dollars to back management growing a company’s property, plant, equipment, and human resources, Illinois’ economy will stagnate and then decline precipitously. Please ensure that the poorly considered bill does not move forward.


I encourage you to vote “no” on SB1719.


Sincerely,


NAME
Home Address