INC TX-SMALL BUSINESS ACCT House SponsorsRep. Mike Murphy 1/13/2021HouseSession Sine Die 35 ILCS 5/203from Ch. 120, par. 2-20335 ILCS 735/3-3.5 new 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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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. 2/15/2019HouseFiled with the Clerk by Rep. Mike Murphy 2/15/2019HouseFirst Reading 2/15/2019HouseReferred to Rules Committee 3/5/2019HouseAssigned to Revenue & Finance Committee 3/14/2019HouseTo Income Tax Subcommittee 3/29/2019HouseRule 19(a) / Re-referred to Rules Committee 1/13/2021HouseSession Sine Die