IllinoisSB3614104th General Assembly (2025–2026)Senate

SMALL BUSINESS ASSET ACCT

Sponsored By: Doris Turner (Democratic)

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 Amends the Uniform Penalty and Interest Act to provide for penalties for amounts withdrawn that are not used for eligible costs.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

  • Doris Turner

    Democratic • Senate

Cosponsors

  • Jason Plummer

    Republican • Senate

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Rule 3-9(a) / Re-referred to Assignments

    5/22/2026Senate
  2. Rule 2-10 Committee/3rd Reading Deadline Established As May 22, 2026

    5/15/2026Senate
  3. Rule 2-10 Committee/3rd Reading Deadline Established As May 15, 2026

    4/24/2026Senate
  4. Added as Chief Co-Sponsor Sen. Jason Plummer

    4/15/2026Senate
  5. Rule 2-10 Committee Deadline Established As April 24, 2026

    3/13/2026Senate
  6. Assigned to Revenue

    2/17/2026Senate
  7. Referred to Assignments

    2/5/2026Senate
  8. First Reading

    2/5/2026Senate
  9. Filed with Secretary by Sen. Doris Turner

    2/5/2026Senate

Bill Text

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