A New Tax In Illinois, But One That Isn’t About Raising Revenue – Forbes

"Illinois Senator Brian Stewart (R) introduced Senate Bill 3119, legislation that would impose a 10% excise tax on the book value of assets or liabilities, whichever is greater, of a bank that has been purchased by a credit union...If SB 3119 is enacted and the tax raises no revenue because credit unions decline to acquire banks as a result, proponents of the tax will have achieved their goal."
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Pat S.
2 years ago

What’s missing in a lot of proposed legislation is a careful analysis of ‘what happens when this law is enacted.’

What disincentives does the bill provide that would effectively negate the purpose of the bill?

So often I read of pending bills and wonder ‘What are they thinking?’ Silly me! I assume they are thinking.

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