IVCA Provides Updates for State Legislative Issues – 01/21/2026
IVCA Illinois Legislative Report
David Stricklin, IVCA Legislative Liaison, Stricklin & Associates
BEARS LOSE IN PLAYOFFS BUT MIGHT WIN IN THE CAPITOL
Winning helps. The playoff run the Bears just recorded attracted attention and social media posts from almost all the high-profile (and not so high-profile) elected officials and policy makers in Illinois. Stiff arming a perennially frustrating franchise was easier to do than tackling a winning team for a loss, and when you add in Indiana making a sweet deal to lure the team across the border, it would appear the chances are higher now than before that the Bears will get at least some of what they want from government bodies to relocate to Arlington Heights. Or do something else not yet disclosed.
BEARS FINDING MORE RECEPTIVE AUDIENCE?
ARLINGTON HEIGHTS VS. GARY, INDIANA
* Sun-Times | Bears, Bally’s elbow way onto General Assembly’s spring agenda as lawmakers eye $2.2B shortfall: State lawmakers return to the Illinois House on Tuesday to gavel in the 2026 legislative session and prepare for months of wrangling over how to bridge a $2.2 billion budget gap in a critical midterm election year. Leaders of Democratic supermajorities in the Illinois General Assembly are sticking to the national party message of addressing affordability for voters who face rising costs on utility bills, health care, home insurance and just about everything else.
HOUSE BILL WOULD TAX PE FUNDS
Illinois State Rep. Hoan Huynh represents the 13th District which includes the Uptown and Lincoln Square neighborhoods and at the southern border is across from Wrigley Field. Rep. Huynh is running for the Congressional seat being left by Congresswoman Jan Schakowsky and is in a crowded field of Democrats seeking the nomination in March. All that to say this bill may be a way of trying to break out of the pack of secondary candidates behind front runners Evanston Mayor Daniel Biss, Illinois State Senator Laura Fine, and social media activist Kat Abaguzelah. It does not appear, to us, to be a serious bill or one that would gather much support within the legislative process:
BILLIONAIRE HEDGE FUND FEE ACT / HB 4366
Creates the Billionaire Hedge Fund Fee Act. Imposes a fee on each covered transaction occurring on or after July 1, 2026. Provides that the amount of the fee shall be the base amount with respect to the covered transaction, multiplied by 0.002.
Provides that the term “covered transaction” means: (1) the purchase by a United States person of a security if the purchase occurs on, or is subject to the rules of, the Chicago Board Options Exchange or the Chicago Mercantile Exchange; or (2) the purchase by a United States person of a derivative if the derivative is traded on, or is subject to the rules of, the Chicago Board Options Exchange or the Chicago Mercantile Exchange. Specifies that, for purposes of the Act, “United States person” includes controlled foreign corporations, hedge funds, and private equity funds and their officers and employees. Exempts from the provisions of the Act the purchase of a security or a derivative by an individual for that individual’s personal investment account or personal investment portfolio. Provides that the proceeds from the tax imposed under the Act shall be deposited into the Reducing the Cost of Living Fund. Amends the Illinois Administrative Procedure Act. Grants emergency rulemaking powers to the Department of Revenue. Amends the State Finance Act. Create the Reducing the Cost of Living Fund. Effective immediately.
MARKING TIME TO MARCH 17
With the party primaries coming in mid-March the legislative calendar up to then is relatively sparse, save for the February 18 budget address from Governor JB Pritzker. Republicans are nominating a candidate to challenge the incumbent governor, and Democrats have lively races for Illinois Comptroller, U.S. Senate, several Congressional seats, and even in a few open House and Senate districts.
Capitol News Illinois | Few fireworks as Illinois GOP governor hopefuls share stage for first time: Far ahead of his Republican primary opponents in the most recent public polling, Darren Bailey told a half-filled central Illinois auditorium in that he expected to be “the punching bag.” Instead, Bailey walked away relatively unscathed from a candidate forum Thursday evening as the four Republican candidates for governor struck a conciliatory tone with one another. The four candidates preached unity after years of intraparty conflict, called for an end to the state’s robust protections for immigrants and took aim at Democratic Gov. JB Pritzker while pitching themselves as the most electable candidate in a general election.