Date	Chamber	Action
1/10/2023	Senate	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/203

from Ch. 120, par. 2-203

35 ILCS 735/3-3.5 new

Synopsis As Introduced
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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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.

Actions 

Date	Chamber	Action
2/23/2021	Senate	Filed with Secretary by Sen. Win Stoller
2/23/2021	Senate	First Reading
2/23/2021	Senate	Referred to Assignments
3/3/2021	Senate	Assigned to Revenue
3/19/2021	Senate	To Revenue- Special Issues
4/16/2021	Senate	Rule 3-9(a) / Re-referred to Assignments
1/10/2023	Senate	Session Sine Die

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