INC TX-SMALL BUSINESS ACCT House SponsorsRep. Mike Murphy-Mark Batinick, Mark L. Walker, Thomas M. Bennett, Michael T. Marron and Grant Wehrli 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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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. 1/6/2020HouseFiled with the Clerk by Rep. Mike Murphy 1/8/2020HouseFirst Reading 1/8/2020HouseReferred to Rules Committee 1/10/2020HouseAdded Chief Co-Sponsor Rep. Mark Batinick 2/4/2020HouseAdded Co-Sponsor Rep. Mark L. Walker 2/25/2020HouseAssigned to Revenue & Finance Committee 2/25/2020HouseAdded Co-Sponsor Rep. Thomas M. Bennett 3/3/2020HouseAdded Co-Sponsor Rep. Michael T. Marron 3/5/2020HouseAdded Co-Sponsor Rep. Grant Wehrli 3/6/2020HouseTo Income Tax Subcommittee 6/23/2020HouseRule 19(b) / Re-referred to Rules Committee 1/13/2021HouseSession Sine Die