Action Required: Contact Your Legislator to Vote ‘NO’ on SB1719

Action Required: Contact Your Legislator to Vote ‘NO’ on SB1719

June 21, 2017

The Illinois Venture Capital Association urges you to contact your state legislators and ask them to oppose the “Privilege Tax” (Senate Bill 1719), being considered in the Illinois General Assembly.
 
SB 1719 is sponsored by Senator Daniel Biss and Representative Chris Welch.  This bill imposes a 20% “privilege tax” on partnerships and S corporations engaged in the business of conducting investment management services.
 
The bill attempts to restrict this tax specifically on the performance of the assets and has an effective date of July 1, 2017.
 
SB 1719 passed out of the Senate with 32 votes.
 
We urge you to contact the following members of the Illinois House, as well as your own representatives:
 
Representative Deb Conroy- 217.782.8158 [email protected] 
Representative Lou Lang- 217.782.1252 [email protected]
Representative Anthony DeLuca- 217.782.1719 [email protected] 
Representative Robyn Gabel- 217.782-8052 [email protected] 
Representative Laura Fine- 217.782.4194 [email protected]
Representative Scott Drury- 217.782.0902 [email protected] 
Representative Carol Sente- 217.782.0499 [email protected]
Representative Mike Zalewski- 217.782.5280 [email protected] 
Representative Elaine Nekritz- 217.558.1004 [email protected] 
Representative Jerry Costello- 217.782.1018 [email protected]
Representative Brandon Phelps- 217.782.5131 [email protected]

SAMPLE EMAIL:

Subject: Vote “no” on SB 1719

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 strongly encourage you to vote “no” on SB 1719.

Sincerely,

NAME
Home Address

Check the IVCA Home page for how to find your legislators and how to contact them!

SB 1719 is on second reading in the House and has received a deadline extension until June 30th. The bill currently has an immediate effective date of July 1, 2017 and would require a ⅗ vote, meaning all 67 House Democrats would have to vote in favor, which we believe is very unlikely, but we can’t take for granted, so your input is still critically important.

Representative Welch could amend the bill to be effective January 1, 2017, or a later date, and only require a simple majority.  However, given effective coalition building and lobbying, we believe this bill does not have the requisite votes to pass. 
We also ask that you take a moment to thank allies of IVCA who voted against the bill, specifically
 
Senator Chris Nybo: (217) 782-8148 [email protected]
Senator Pam Althoff: (217) 782-8000 [email protected]
Senator Sue Rezin: (217) 782-3840 [email protected]
Senator Tom Cullerton: (217) 782-9463 [email protected]
Senator Julie Morrison: (217) 782-3650 [email protected]
 
SAMPLE Thank You Email

Senator [x],

As a member of the Illinois Venture Capital Association, thank you for your vote against SB1719, which would impose a 20% “privilege tax” on certain investment management services in Illinois.

Your vote affirms your support for the business community in Illinois and for supporting the industries who are helping to grow our economy in these challenging fiscal times. My company, [x], helps attract vital capital for businesses looking to start in Illinois, contributing to the billions that are brought to our state every year. 

While the bill unfortunately prevailed in the Senate, I again thank you for your support and for being an ally of the Illinois Venture Capital Association and the thousands of people employed in Illinois via the investments we make here at home.

I ask for your continued support of the industry in standing against any proposal to include such a tax in a larger revenue package.

Sincerely,

NAME
Home Address
 
Check the IVCA Home page for how to find your legislators and how to contact them!