Bill Status of SB 3152   103rd General Assembly

Short Description:  INC TX-SMALL BUSINESS ACCT

Senate Sponsors
Sen. Win Stoller-Erica Harriss

Last Action  View All Actions

DateChamber Action
  5/3/2024SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
35 ILCS 5/203
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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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 
DateChamber Action
  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

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