IL HB4669 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Partisan Bill (Republican 4-0)
Status: Introduced on February 1 2024 - 25% progression
Action: 2024-04-19 - Added Co-Sponsor Rep. Patrick Sheehan
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 1 2024 - 25% progression
Action: 2024-04-19 - Added Co-Sponsor Rep. Patrick Sheehan
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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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
History
| Date | Chamber | Action |
|---|---|---|
| 2024-04-19 | House | Added Co-Sponsor Rep. Patrick Sheehan |
| 2024-04-05 | House | House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee |
| 2024-04-05 | House | Rule 19(a) / Re-referred to Rules Committee |
| 2024-03-20 | House | House Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee |
| 2024-03-12 | House | House Committee Amendment No. 1 Referred to Rules Committee |
| 2024-03-12 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Amy Elik |
| 2024-03-08 | House | To Revenue-Income Tax Subcommittee |
| 2024-03-05 | House | Assigned to Revenue & Finance Committee |
| 2024-02-22 | House | Added Co-Sponsor Rep. Paul Jacobs |
| 2024-02-22 | House | Added Co-Sponsor Rep. Travis Weaver |
| 2024-02-06 | House | Referred to Rules Committee |
| 2024-02-06 | House | First Reading |
| 2024-02-01 | House | Filed with the Clerk by Rep. Amy Elik |
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 |
