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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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

Spectrum: Partisan Bill (Republican 4-0)

Status: (Introduced) 2024-04-19 - Added Co-Sponsor Rep. Patrick Sheehan [HB4669 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2024-02-01	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
House Amendment 001	2024-03-12	Proposed	HTML/Text	Link	View

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB4669 currently on file.

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