Update on HB 3393

April 26, 2017

Update on HB 3393

IVCA is partnering with the Illinois Chamber of Commerce, the Illinois Bankers Association and other groups to vigorously oppose House Bill 3393 which the sponsor has named the “Privilege Tax”.  In addition to IVCA member letters, Big Shoulders Fund is opposing the tax with a letter-writing campaign authored by beneficiaries of that great organization’s good work.   Big Shoulders is heavily supported by Investment Advisors who are likely to be taxed out of the State by HB3393.

HB3393 targets the investment advisor community by imposing a new 20% gross receipts tax on partnerships and S Corp fee income from professionals engaged in the “business of conducting investment management services”.  This bill targets not just investors but service providers involved in the transfer of assets.

Our Government Affairs team at Stricklin & Associates has been working the floor of the Illinois House to encourage “no” votes from Democrats which have a 67 to 51 majority v. Republicans to ensure that this bill does not pass the House.

Calls & letters to key legislators are needed.

The legislators below are especially critical to defeating HB3393.  Please contact:

Rep. Laura Fine, 1812 Waukegan Road, Suite A, Glenview IL 60025 (District 17), [email protected]
Rep. Robyn Gabel, 820 Davis Street, Suite 103, Evanston, IL 60201 (District 18), [email protected]Rep. Michelle Mussman, 15 W. Weathersfield Way, Schaumburg, IL 60193 (District 56), [email protected] 

Don't know who your legislators are?  Check here. 
Find contact info for your legislators 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
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