Sen. Win Stoller
Filed: 3/8/2024
 
 

 
 

 
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1
AMENDMENT TO SENATE BILL 3152

2    AMENDMENT NO. ______. Amend Senate Bill 3152 on page 15, 
3by replacing lines 11 through 23 with the following:
4            "(D-26) For taxable years beginning on or after 
5        January 1, 2025, 50% of the amount that is withdrawn by 
6        the taxpayer from a small business asset purchase 
7        account during the taxable year;"; and
 
8on page 32, by replacing lines 9 through 20 with the following:
9            "(LL) For taxable years beginning on or after 
10        January 1, 2025, 50% of the amount contributed by the 
11        taxpayer to a small business asset purchase account 
12        during the tax year, but not to exceed $50,000 per 
13        taxpayer in any tax year; as used in this subparagraph 
14        (LL), "small business asset purchase account" means an 
15        account established by a taxpayer that is held 
16        separately from other accounts of the taxpayer and the 
17        proceeds of which are used to purchase property that 
 
 
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1        is used primarily in Illinois and for which a federal 
2        income tax deduction is claimed under Section 179 of 
3        the Internal Revenue Code."; and
 
4on page 44, by replacing lines 9 through 21 with the following:
5            "(E-21) For taxable years beginning on or after 
6        January 1, 2025, 50% of the amount that is withdrawn by 
7        the taxpayer from a small business asset purchase 
8        account during the taxable year;"; and
 
9on page 59, by replacing lines 5 through 16 with the following:
10            "(BB) For taxable years beginning on or after 
11        January 1, 2025, 50% of the amount contributed by the 
12        taxpayer to a small business asset purchase account 
13        during the tax year, but not to exceed $50,000 per 
14        taxpayer in any tax year; as used in this subparagraph 
15        (BB), "small business asset purchase account" means an 
16        account established by a taxpayer that is held 
17        separately from other accounts of the taxpayer and the 
18        proceeds of which are used to purchase property that 
19        is used primarily in Illinois and for which a federal 
20        income tax deduction is claimed under Section 179 of 
21        the Internal Revenue Code."; and
 
22on page 71, by replacing lines 2 through 14 with the following:
23            "(G-17) For taxable years beginning on or after 
 
 
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1        January 1, 2025, 50% of the amount that is withdrawn by 
2        the taxpayer from a small business asset purchase 
3        account during the taxable year;"; and
  
4on page 82, by replacing lines 8 through 19 with the following:
5            "(BB) For taxable years beginning on or after 
6        January 1, 2025, 50% of the amount contributed by the 
7        taxpayer to a small business asset purchase account 
8        during the tax year, but not to exceed $50,000 per 
9        taxpayer in any tax year; as used in this subparagraph 
10        (BB), "small business asset purchase account" means an 
11        account established by a taxpayer that is held 
12        separately from other accounts of the taxpayer and the 
13        proceeds of which are used to purchase property that 
14        is used primarily in Illinois and for which a federal 
15        income tax deduction is claimed under Section 179 of 
16        the Internal Revenue Code."; and
 
17on page 92, by replacing lines 5 through 17 with the following:
18            "(D-12) For taxable years beginning on or after 
19        January 1, 2025, 50% of the amount that is withdrawn by 
20        the taxpayer from a small business asset purchase 
21        account during the taxable year;"; and
 
22by replacing line 17 on page 101 through line 2 on page 102 
23with the following:
 
 
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1            "(V) For taxable years beginning on or after 
2        January 1, 2025, 50% of the amount contributed by the 
3        taxpayer to a small business asset purchase account 
4        during the tax year, but not to exceed $50,000 per 
5        taxpayer in any tax year; as used in this subparagraph 
6        (V), "small business asset purchase account" means an 
7        account established by a taxpayer that is held 
8        separately from other accounts of the taxpayer and the 
9        proceeds of which are used to purchase property that 
10        is used primarily in Illinois and for which a federal 
11        income tax deduction is claimed under Section 179 of 
12        the Internal Revenue Code."; and
 
13on page 110, line 12, by replacing "predominantly" with 
14"primarily".