BILLIONAIRE HEDGE FUND FEE ACT

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.