Illinois · House Bill 4669 · 103rd General Assembly

INC TX-SMALL BUSINESS ACCT

HB 4669 Sponsored by Amy Elik Died in committee

  1. Introduced Feb 1, 2024
  2. In committee Feb 6, 2024
  3. Died  
  4. Passed the Senate  
  5. To the governor  
  6. Became law  

What it does

The legislature's own summary of the bill, or its official long title.

Amends the Illinois Income Tax Act. Creates an income tax deduction for an amount of up to $50,000 per tax year contributed to a small business asset purchase account and all interest earned on such accounts during the tax year. Provides that a "small business asset purchase account" means an account established by a taxpayer, the proceeds of which are used to purchase property used primarily in Illinois for which a…

Read the full title (131 words)

Amends the Illinois Income Tax Act. Creates an income tax deduction for an amount of up to $50,000 per tax year contributed to a small business asset purchase account and all interest earned on such accounts during the tax year. Provides that a "small business asset purchase account" means an account established by a taxpayer, the proceeds of which are used to purchase property used primarily in Illinois for which a federal income tax deduction is claimed under Section 179 of the Internal Revenue Code. Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases. Amends the Uniform Penalty and Interest Act to establish a penalty for improper use of moneys in a small business asset purchase account. Effective immediately.

Every action

14 steps, oldest first, as the legislature records them.

Show the 6 earlier steps
  1. HouseFiled with the Clerk by Rep. Amy Elik
  2. HouseFirst Reading
  3. CommitteeReferred to Rules Committee · House Rules
  4. HouseAdded Co-Sponsor Rep. Travis Weaver
  5. HouseAdded Co-Sponsor Rep. Paul Jacobs
  6. CommitteeAssigned to Revenue & Finance Committee · House Revenue & Finance
  1. CommitteeTo Revenue-Income Tax Subcommittee · House Income Tax Subcommittee
  2. HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Amy Elik
  3. CommitteeHouse Committee Amendment No. 1 Referred to Rules Committee · House Rules
  4. CommitteeHouse Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee · House Revenue & Finance
  5. CommitteeRule 19(a) / Re-referred to Rules Committee · House Rules
  6. CommitteeHouse Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee · House Rules
  7. HouseAdded Co-Sponsor Rep. Patrick Sheehan
  8. HouseSession Sine Die

Roll calls

No recorded votes on this bill yet.

Sponsors

The member who introduced it, joined by 3 cosponsors: 3 Republicans.

  • Amy ElikR Primary sponsor · District 111
All 3 cosponsors

From Illinois's official records (www.ilga.gov), checked Nov 13, 2026. Text links go to the official versions; LegiList does not copy bill text.