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Budget Crisis in Illinois Spurs Trading Tax Plan That CME Hates

  • Lawmakers are grappling with budget crisis, as time runs out
  • Bill would impose tax on transactions at exchanges in Illinois

As Illinois grapples with a budget crisis, lawmakers are floating an old idea in their search for new revenue: a tax on trading on exchanges based in the state, including some of the biggest financial markets in the world.

The bill is in early stages and faces long odds of approval. But the measure -- targeting trades on the Chicago Mercantile Exchange, Chicago Board Options Exchange and other markets -- was up for debate on Thursday at a hearing in Springfield, the state’s capital.