IllinoisHB3128104th General Assembly (2025–2026)House

INC TX-SMALL BUSINESS ACCT

Sponsored By: Amy Elik (Republican)

In Committee

Summary

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 Provides an addition modification for 50% of the amount that is withdrawn by the taxpayer from a small business asset purchase account during the taxable year.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.

revenue & finance

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Amy Elik

    Republican • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Rule 19(a) / Re-referred to Rules Committee

    3/21/2025House
  2. To Tax Policy: Income Tax Subcommittee

    3/6/2025House
  3. Assigned to Revenue & Finance Committee

    3/4/2025House
  4. Referred to Rules Committee

    2/18/2025House
  5. First Reading

    2/18/2025House
  6. Filed with the Clerk by Rep. Amy Elik

    2/6/2025House

Bill Text

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