INC TAX-INVESTMENT PARTNERSHIP Senate SponsorsSen. Bill Cunningham House Sponsors(Rep. Kelly M. Burke) 1/7/2025SenateSession Sine Die 35 ILCS 5/1501from Ch. 120, par. 15-1501Amends the Illinois Income Tax Act. Makes changes to the definition of "investment partnership" to provide that a dealer in qualifying investment securities may be considered an investment partnership. Allows a partnership interest to be considered a qualified security if the interest qualifies as a security within the meaning of the federal Securities Act of 1933. In provisions requiring that no less than 90% of the investment partnership's gross income shall consist of interest, dividends, and gains from the sale or exchange of qualifying investment securities, provides that that includes the distributive share of partnership income from lower-tier partnership interests and does not include income from partnerships that are operating at a federal taxable loss. Effective immediately. 2/9/2023SenateFiled with Secretary by Sen. Bill Cunningham 2/9/2023SenateFirst Reading 2/9/2023SenateReferred to Assignments 2/21/2023SenateAssigned to Revenue 3/9/2023SenateDo Pass Revenue; 009-000-000 3/9/2023SenatePlaced on Calendar Order of 2nd Reading March 10, 2023 3/21/2023SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Bill Cunningham 3/21/2023SenateSenate Floor Amendment No. 1 Referred to Assignments 3/22/2023SenateSenate Floor Amendment No. 1 Assignments Refers to Revenue 3/22/2023SenateSecond Reading 3/22/2023SenatePlaced on Calendar Order of 3rd Reading March 23, 2023 3/23/2023SenateThird Reading - Passed; 058-000-000 3/23/2023SenateSenate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a) 3/23/2023HouseArrived in House 3/23/2023HouseChief House Sponsor Rep. Kelly M. Burke 3/24/2023HouseFirst Reading 3/24/2023HouseReferred to Rules Committee 4/11/2023HouseAssigned to Revenue & Finance Committee 4/28/2023HouseRule 19(a) / Re-referred to Rules Committee 1/7/2025SenateSession Sine Die