IllinoisHB4874104th General Assembly (2025–2026)House

SMALL BUSINESS ASSET ACCT

Sponsored By: Amy Elik

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 Amends the Uniform Penalty and Interest Act to provide for penalties for amounts withdrawn that are not used for eligible costs.

revenue & finance

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Amy Elik

    Affiliation unavailable

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

    3/27/2026House
  2. Assigned to Revenue & Finance Committee

    3/12/2026House
  3. Referred to Rules Committee

    2/6/2026House
  4. First Reading

    2/6/2026House
  5. Filed with the Clerk by Rep. Amy Elik

    2/3/2026House

Bill Text

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