Illinois proposes 20 percent privilege tax on investment management services

April 03, 2017

Overview

Illinois has proposed legislation that would levy a privilege tax at a rate of 20 percent on partnerships and S corporations engaged in the business of conducting investment management services. The legislation, which was introduced on February 9, 2017, was approved by the House Revenue and Finance Committee on March 23, 2017. If enacted, the provisions would become effective July 1, 2017.

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