Bill Status of HB3128  104th General Assembly

Short Description:  INC TX-SMALL BUSINESS ACCT

House Sponsors
Rep. Amy Elik

Last Action
DateChamber Action
  3/21/2025HouseRule 19(a) / Re-referred to Rules Committee

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 Provides an addition modification for 50% of the amount that is withdrawn by the taxpayer from a small business asset purchase account during the taxable year.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 
DateChamber Action
  2/6/2025HouseFiled with the Clerk by Rep. Amy Elik
  2/18/2025HouseFirst Reading
  2/18/2025HouseReferred to Rules Committee
  3/4/2025HouseAssigned to Revenue & Finance Committee
  3/6/2025HouseTo Tax Policy: Income Tax Subcommittee
  3/21/2025HouseRule 19(a) / Re-referred to Rules Committee