INC TX-SMALL BUSINESS ACCT

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 50% of the amount contributed by the taxpayer to a small business asset purchase account during the tax year, but not to exceed $50,000 per taxpayer in any tax year. Defines "small business asset purchase account". Provides an addition modification for 50% of the amount that is withdrawn by the taxpayer from a small business asset purchase account during the taxable year. Amends the Uniform Penalty and Interest Act to establish a penalty for improper use of moneys in a small business asset purchase account.

Every action

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

1. Feb 6, 2025HouseFiled with the Clerk by Rep. Amy Elik
2. Feb 18, 2025HouseFirst Reading
3. Feb 18, 2025CommitteeReferred to Rules Committee · House Rules
4. Mar 4, 2025CommitteeAssigned to Revenue & Finance Committee · House Revenue & Finance
5. Mar 6, 2025CommitteeTo Tax Policy: Income Tax Subcommittee · House Tax Policy: Income Tax Subcommittee
6. Mar 21, 2025CommitteeRule 19(a) / Re-referred to Rules Committee · House Rules

Roll calls

No recorded votes on this bill yet.

Sponsors

The member who introduced it.

• Amy ElikR Primary sponsor · District 111