IL HB2583 | 2021-2022 | 102nd General Assembly

Status

Spectrum: Partisan Bill (Republican 17-0)
Status: Introduced on February 17 2021 - 25% progression, died in committee
Action: 2022-02-10 - Added Co-Sponsor Rep. Daniel Swanson
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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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.

Tracking Information

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Title

INC TX-SMALL BUSINESS ACCT

Sponsors


History

DateChamberAction
2022-02-10HouseAdded Co-Sponsor Rep. Daniel Swanson
2021-03-27HouseRule 19(a) / Re-referred to Rules Committee
2021-03-18HouseTo Income Tax Subcommittee
2021-03-18HouseAdded Co-Sponsor Rep. Ryan Spain
2021-03-16HouseAdded Co-Sponsor Rep. Dan Brady
2021-03-09HouseAssigned to Revenue & Finance Committee
2021-03-09HouseAdded Co-Sponsor Rep. Brad Halbrook
2021-03-08HouseAdded Co-Sponsor Rep. Andrew S. Chesney
2021-03-04HouseAdded Co-Sponsor Rep. Tony McCombie
2021-03-03HouseAdded Co-Sponsor Rep. Amy Grant
2021-03-03HouseAdded Co-Sponsor Rep. Keith P. Sommer
2021-03-03HouseAdded Co-Sponsor Rep. Chris Miller
2021-03-03HouseAdded Co-Sponsor Rep. Joe Sosnowski
2021-03-03HouseAdded Chief Co-Sponsor Rep. Mark Luft
2021-03-02HouseAdded Co-Sponsor Rep. Thomas M. Bennett
2021-03-02HouseAdded Co-Sponsor Rep. Martin McLaughlin
2021-03-02HouseAdded Co-Sponsor Rep. Patrick Windhorst
2021-03-02HouseAdded Co-Sponsor Rep. Norine K. Hammond
2021-03-02HouseAdded Co-Sponsor Rep. David Friess
2021-02-19HouseReferred to Rules Committee
2021-02-19HouseFirst Reading
2021-02-17HouseFiled with the Clerk by Rep. Mike Murphy

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355203Amended CodeCitation Text
357353-3.5New CodeSee Bill Text

Illinois State Sources


Bill Comments

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