INC TX-SMALL BUSINESS ACCT Senate SponsorsSen. Win Stoller-Erica Harriss 1/7/2025SenateSession Sine Die 35 ILCS 5/20335 ILCS 735/3-3.5 newAmends 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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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. 2/6/2024SenateFiled with Secretary by Sen. Win Stoller 2/6/2024SenateFirst Reading 2/6/2024SenateReferred to Assignments 2/14/2024SenateAssigned to Revenue 2/29/2024SenateAdded as Chief Co-Sponsor Sen. Erica Harriss 3/8/2024SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Win Stoller 3/8/2024SenateSenate Committee Amendment No. 1 Referred to Assignments 3/12/2024SenateSenate Committee Amendment No. 1 Assignments Refers to Revenue 3/15/2024SenateRule 2-10 Committee Deadline Established As April 5, 2024 4/5/2024SenateRule 2-10 Committee Deadline Established As May 3, 2024 5/3/2024SenateRule 3-9(a) / Re-referred to Assignments 5/3/2024SenateSenate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments 1/7/2025SenateSession Sine Die