Illinois House Bill 4021 (Prior Session Legislation)

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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]

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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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

Rep. Mike Murphy [R]	Rep. Mark Batinick [R]	Sen. Mark Walker [D]	Sen. Thomas Bennett [R]
Rep. Michael Marron [R]	Rep. Grant Wehrli [R]

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

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=4021&GAID=15&DocTypeID=HB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/HB/10100HB4021.htm