Illinois Senate Bill 490 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 23 2021 - 25% progression, died in committee
Action: 2021-04-16 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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.

INC TX-SMALL BUSINESS ACCT

Sen. Win Stoller [R]

Date	Chamber	Action
2021-04-16	Senate	Rule 3-9(a) / Re-referred to Assignments
2021-03-19	Senate	To Revenue- Special Issues
2021-03-03	Senate	Assigned to Revenue
2021-02-23	Senate	Referred to Assignments
2021-02-23	Senate	First Reading
2021-02-23	Senate	Filed with Secretary by Sen. Win Stoller

Chapter	Article	Section	Citation Type	Statute Text
35	5	203	Amended Code	Citation Text
35	735	3-3.5	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=490&GAID=16&DocTypeID=SB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/SB/10200SB0490.htm