SMALL BUSINESS ASSET ACCT
Sponsored By: Amy Elik (Republican)
In Committee
Summary
Creates the Small Business Asset Purchase Account Act. Provides that a small business in the State may open a small business asset purchase account at an eligible financial institution. Provides that funds from a small business asset purchase account may be used only for specified eligible costs. Amends the Illinois Income Tax Act. Creates a deduction in an amount equal to 50% of the amount contributed during the taxable year to a small business asset purchase account. Creates a deduction of 100% of the interest earned on the account that is not included in the taxpayer's federal adjusted gross income. Amends the Uniform Penalty and Interest Act to provide for penalties for amounts withdrawn that are not used for eligible costs.
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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
Rule 19(a) / Re-referred to Rules Committee
3/27/2026HouseAssigned to Revenue & Finance Committee
3/12/2026HouseReferred to Rules Committee
2/6/2026HouseFirst Reading
2/6/2026HouseFiled with the Clerk by Rep. Amy Elik
2/3/2026House
Bill Text
Introduced
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