Rep. Amy Elik

Filed: 3/12/2024

 

 


 

 


 
10300HB4669ham001LRB103 38044 HLH 70599 a

1
AMENDMENT TO HOUSE BILL 4669

2    AMENDMENT NO. ______. Amend House Bill 4669 on page 15, by
3replacing lines 11 through 23 with the following:
4            "(D-26) For taxable years beginning on or after
5        January 1, 2025, 50% of the amount that is withdrawn by
6        the taxpayer from a small business asset purchase
7        account during the taxable year;"; and
 
8on page 32, by replacing lines 9 through 20 with the following:
9            "(LL) For taxable years beginning on or after
10        January 1, 2025, 50% of the amount contributed by the
11        taxpayer to a small business asset purchase account
12        during the tax year, but not to exceed $50,000 per
13        taxpayer in any tax year; as used in this subparagraph
14        (LL), "small business asset purchase account" means an
15        account established by a taxpayer that is held
16        separately from other accounts of the taxpayer and the
17        proceeds of which are used to purchase property that

 

 

10300HB4669ham001- 2 -LRB103 38044 HLH 70599 a

1        is used primarily in Illinois and for which a federal
2        income tax deduction is claimed under Section 179 of
3        the Internal Revenue Code."; and
 
4on page 44, by replacing lines 9 through 21 with the following:
5            "(E-21) For taxable years beginning on or after
6        January 1, 2025, 50% of the amount that is withdrawn by
7        the taxpayer from a small business asset purchase
8        account during the taxable year;"; and
 
9on page 59, by replacing lines 5 through 16 with the following:
10            "(BB) For taxable years beginning on or after
11        January 1, 2025, 50% of the amount contributed by the
12        taxpayer to a small business asset purchase account
13        during the tax year, but not to exceed $50,000 per
14        taxpayer in any tax year; as used in this subparagraph
15        (BB), "small business asset purchase account" means an
16        account established by a taxpayer that is held
17        separately from other accounts of the taxpayer and the
18        proceeds of which are used to purchase property that
19        is used primarily in Illinois and for which a federal
20        income tax deduction is claimed under Section 179 of
21        the Internal Revenue Code."; and
 
22on page 71, by replacing lines 2 through 14 with the following:
23            "(G-17) For taxable years beginning on or after

 

 

10300HB4669ham001- 3 -LRB103 38044 HLH 70599 a

1        January 1, 2025, 50% of the amount that is withdrawn by
2        the taxpayer from a small business asset purchase
3        account during the taxable year;"; and
 
4on page 82, by replacing lines 8 through 19 with the following:
5            "(BB) For taxable years beginning on or after
6        January 1, 2025, 50% of the amount contributed by the
7        taxpayer to a small business asset purchase account
8        during the tax year, but not to exceed $50,000 per
9        taxpayer in any tax year; as used in this subparagraph
10        (BB), "small business asset purchase account" means an
11        account established by a taxpayer that is held
12        separately from other accounts of the taxpayer and the
13        proceeds of which are used to purchase property that
14        is used primarily in Illinois and for which a federal
15        income tax deduction is claimed under Section 179 of
16        the Internal Revenue Code."; and
 
17on page 92, by replacing lines 5 through 17 with the following:
18            "(D-12) For taxable years beginning on or after
19        January 1, 2025, 50% of the amount that is withdrawn by
20        the taxpayer from a small business asset purchase
21        account during the taxable year;"; and
 
22by replacing line 17 on page 101 through line 2 on page 102
23with the following:

 

 

10300HB4669ham001- 4 -LRB103 38044 HLH 70599 a

1            "(V) For taxable years beginning on or after
2        January 1, 2025, 50% of the amount contributed by the
3        taxpayer to a small business asset purchase account
4        during the tax year, but not to exceed $50,000 per
5        taxpayer in any tax year; as used in this subparagraph
6        (V), "small business asset purchase account" means an
7        account established by a taxpayer that is held
8        separately from other accounts of the taxpayer and the
9        proceeds of which are used to purchase property that
10        is used primarily in Illinois and for which a federal
11        income tax deduction is claimed under Section 179 of
12        the Internal Revenue Code."; and
 
13on page 110, line 12, by replacing "predominantly" with
14"primarily".