Illinois General Assembly - Bill Status for SB3152

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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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
2/6/2024	Senate	Filed with Secretary by Sen. Win Stoller
2/6/2024	Senate	First Reading
2/6/2024	Senate	Referred to Assignments
2/14/2024	Senate	Assigned to Revenue
2/29/2024	Senate	Added as Chief Co-Sponsor Sen. Erica Harriss
3/8/2024	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Win Stoller
3/8/2024	Senate	Senate Committee Amendment No. 1 Referred to Assignments
3/12/2024	Senate	Senate Committee Amendment No. 1 Assignments Refers to Revenue
3/15/2024	Senate	Rule 2-10 Committee Deadline Established As April 5, 2024
4/5/2024	Senate	Rule 2-10 Committee Deadline Established As May 3, 2024

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