Illinois General Assembly - Bill Status for HB3128

Tax Policy: Income Tax Subcommittee Hearing Mar 20 2025 8:07AM Capitol Building 114 and Virtual Room 1 Springfield, IL
Tax Policy: Income Tax Subcommittee Hearing Mar 20 2025 2:07PM Stratton Building Room D-1 Springfield, IL
Revenue & Finance Committee Hearing Mar 20 2025 8:00AM Capitol Building 114 and Virtual Room 1 Springfield, IL
Revenue & Finance Committee Hearing Mar 20 2025 2:00PM Stratton Building Room D-1 Springfield, IL

Last Action

Date	Chamber	Action
3/6/2025	House	To Tax Policy: Income Tax Subcommittee

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 50% of the amount contributed by the taxpayer to a small business asset purchase account during the tax year, but not to exceed $50,000 per taxpayer in any tax year. Defines "small business asset purchase account". Provides an addition modification for 50% of the amount that is withdrawn by the taxpayer from a small business asset purchase account during the taxable year. Amends the Uniform Penalty and Interest Act to establish a penalty for improper use of moneys in a small business asset purchase account.

Actions

Date	Chamber	Action
2/6/2025	House	Filed with the Clerk by Rep. Amy Elik
2/18/2025	House	First Reading
2/18/2025	House	Referred to Rules Committee
3/4/2025	House	Assigned to Revenue & Finance Committee
3/6/2025	House	To Tax Policy: Income Tax Subcommittee

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