INC TX-SMALL BUSINESS ACCT House SponsorsRep. Amy Elik, Travis Weaver, Paul Jacobs and Patrick Sheehan 1/7/2025HouseSession Sine Die 35 ILCS 5/20335 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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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. 2/1/2024HouseFiled with the Clerk by Rep. Amy Elik 2/6/2024HouseFirst Reading 2/6/2024HouseReferred to Rules Committee 2/22/2024HouseAdded Co-Sponsor Rep. Travis Weaver 2/22/2024HouseAdded Co-Sponsor Rep. Paul Jacobs 3/5/2024HouseAssigned to Revenue & Finance Committee 3/8/2024HouseTo Revenue-Income Tax Subcommittee 3/12/2024HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Amy Elik 3/12/2024HouseHouse Committee Amendment No. 1 Referred to Rules Committee 3/20/2024HouseHouse Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee 4/5/2024HouseRule 19(a) / Re-referred to Rules Committee 4/5/2024HouseHouse Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee 4/19/2024HouseAdded Co-Sponsor Rep. Patrick Sheehan 1/7/2025HouseSession Sine Die