REVENUE-FINANCIAL TRANSACTION Senate SponsorsSen. Michael Noland 1/10/2017SenateSession Sine Die New ActCreates the Financial Transaction Tax Act. Beginning January 1, 2016, imposes a tax on the privilege of engaging in a financial transaction on any of the following exchanges or boards of trade: the Chicago Stock Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, and the Chicago Board Options Exchange. Provides that the tax is imposed at a rate of $1 per contract for all transactions for which the underlying asset is an agricultural product and $2 per contract for all other contracts. Provides that the term "financial transaction" means a transaction involving the purchase or sale of a stock contract, futures contract, swap contract, credit default swap contract, or options contract, but does not include a transaction involving securities held in a retirement account or a transaction involving a mutual fund. Effective immediately. 10/20/2015SenateFiled with Secretary by Sen. Michael Noland 10/20/2015SenateFirst Reading 10/20/2015SenateReferred to Assignments 1/10/2017SenateSession Sine Die