IL HB4021 | 2019-2020 | 101st General Assembly
Status
Spectrum: Moderate Partisan Bill (Republican 5-1)
Status: Introduced on January 6 2020 - 25% progression, died in committee
Action: 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 6 2020 - 25% progression, died in committee
Action: 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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.
Title
INC TX-SMALL BUSINESS ACCT
Sponsors
Rep. Mike Murphy [R] | Rep. Mark Batinick [R] | Sen. Mark Walker [D] | Sen. Thomas Bennett [R] |
Rep. Michael Marron [R] | Rep. Grant Wehrli [R] |
History
Date | Chamber | Action |
---|---|---|
2020-06-23 | House | Rule 19(b) / Re-referred to Rules Committee |
2020-03-06 | House | To Income Tax Subcommittee |
2020-03-05 | House | Added Co-Sponsor Rep. Grant Wehrli |
2020-03-03 | House | Added Co-Sponsor Rep. Michael T. Marron |
2020-02-25 | House | Added Co-Sponsor Rep. Thomas M. Bennett |
2020-02-25 | House | Assigned to Revenue & Finance Committee |
2020-02-04 | House | Added Co-Sponsor Rep. Mark L. Walker |
2020-01-10 | House | Added Chief Co-Sponsor Rep. Mark Batinick |
2020-01-08 | House | Referred to Rules Committee |
2020-01-08 | House | First Reading |
2020-01-06 | House | Filed with the Clerk by Rep. Mike Murphy |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
35 | 5 | 203 | Amended Code | Citation Text |
35 | 735 | 3-3.5 | New Code | See Bill Text |
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4021&GAID=15&DocTypeID=HB&SessionID=108&GA=101 |
Text | https://www.ilga.gov/legislation/101/HB/10100HB4021.htm |