IVCA Provides Updates for State and Federal Legislative Issues - 05.23.18

IVCA Provides Updates for State and Federal Legislative Issues - 05.23.18

Illinois Legislative Update
May 23, 2018
Dave Stricklin, Stricklin & Associates
 
TDA LEGISLATION MOVES TOWARD FINAL PASSAGE
 
IVCA-backed legislation (SB 3205) is poised for final approval on the House floor of the Illinois General Assembly.  The bill is a collaborative effort between the Illinois office of the Treasurer and IVCA, which was sponsored in the Senate by Illinois State Senator Don Harmon (D-Oak Park) and in the House by Illinois State Representative John Connor (D-Romeoville).  The measure builds on the success of the Technology Development Account investments made by the Treasurer by expanding the fund to 5% of investable assets and by directing that the Treasurer “shall” rather than “may” make these investments.
 
The bill passed the Illinois Senate 54-0 and could be heard on the House floor at any point this week.
 
PRIVILEGE TAX ADDS COSPONSORS / STILL ON HOLD
 
IVCA members should be aware that while we continue to be advised that the “privilege tax” bills on capital gains income earned by investment managers are still on “hold”, the bill in the House, HB 4293, continues to add cosponsors.
 
As of today, the cosponsor list includes the following legislators:
 Bill Status of HB4293  100th General Assembly

  Full Text  Votes  Witness Slips  View All Actions  Printer-Friendly Version
Short Description:  INC TX-INVESTMENT SERVICES

House Sponsors
Rep. Emanuel Chris WelchAnn M. WilliamsSilvana TabaresJaime M. Andrade, Jr.Will GuzzardiTheresa MahWilliam DavisCamille Y. LillyMarcus C. Evans, Jr.Christian L. MitchellElizabeth HernandezLinda Chapa LaViaJustin SlaughterAl RileyRobert RitaSonya M. HarperMary E. FlowersCarol AmmonsKelly M. CassidyMichael HalpinGregory HarrisLitesa E. WallaceKathleen WillisAndré Thapedi and La Shawn K. Ford 
HB 4293 and its Senate companion, SB 3189, are in the Rules and Assignments Committees respectively, meaning they are not in a substantive committee which would hear the bill on the merits and possible for a vote.  At this stage in the legislative session that makes it unlikely they will move, but while we keep a close watch on that, please take a minute to contact your Senator or House member to let them know your opposition to these bills.
 
LEGISLATIVE SESSION IN HOME STRETCH; NEW ALLEGATIONS, BUDGET DEAL?
 
The Illinois General Assembly is working toward a May 31 targeted adjournment.  As is routine, many significant issues remain outstanding, not the least of which is whether there will be a budget agreement between the Governor and the Legislature.  Last year a group of House Republicans aligned with a majority of House Democrats to approve a budget and an income tax increase and to override Governor Rauner’s veto of those measures.  This budget year speculation abounds as to whether that coalition can be re-created to pass a budget, or will the discussions between the legislative leaders and the governor produce an agreed outcome.  As they say in the Capitol, Stay Tuned!
 
Meanwhile the Capitol was consumed early this week by new allegations of improper behavior which are summarized in the following newsclips:
 
http://www.chicagotribune.com/news/local/politics/ct-met-michael-madigan-kelly-cassidy-20180522-story.html 
https://www.chron.com/news/crime/article/House-speaker-seeks-investigation-into-claims-of-12934958.php