IL SB3152 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on February 6 2024 - 25% progression
Action: 2024-04-05 - Rule 2-10 Committee Deadline Established As May 3, 2024
Pending: Senate Revenue Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 6 2024 - 25% progression
Action: 2024-04-05 - Rule 2-10 Committee Deadline Established As May 3, 2024
Pending: Senate Revenue 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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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 |
|---|---|---|
| 2024-04-05 | Senate | Rule 2-10 Committee Deadline Established As May 3, 2024 |
| 2024-03-15 | Senate | Rule 2-10 Committee Deadline Established As April 5, 2024 |
| 2024-03-12 | Senate | Senate Committee Amendment No. 1 Assignments Refers to Revenue |
| 2024-03-08 | Senate | Senate Committee Amendment No. 1 Referred to Assignments |
| 2024-03-08 | Senate | Senate Committee Amendment No. 1 Filed with Secretary by Sen. Win Stoller |
| 2024-02-29 | Senate | Added as Chief Co-Sponsor Sen. Erica Harriss |
| 2024-02-14 | Senate | Assigned to Revenue |
| 2024-02-06 | Senate | Referred to Assignments |
| 2024-02-06 | Senate | First Reading |
| 2024-02-06 | Senate | Filed with Secretary by Sen. Win Stoller |
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 |
