Illinois General Assembly - Bill Status for SB0490
Illinois General Assembly

Previous General Assemblies

 Bill Status of SB0490  100th General Assembly


Short Description:  INC TX-SMALL BUSINESS ACCT

Senate Sponsors
Sen. Win Stoller

Last Action
DateChamber Action
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
35 ILCS 5/203from Ch. 120, par. 2-203
35 ILCS 735/3-3.5 new


Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an income tax deduction for an amount of up to $50,000 per tax year contributed to a small business asset purchase account and all interest earned on such accounts during the tax year. Provides that a "small business asset purchase account" means an account established by a taxpayer, the proceeds of which are used to purchase property used primarily in Illinois for which a federal income tax deduction is claimed under Section 179 of the Internal Revenue Code. Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases. Amends the Uniform Penalty and Interest Act to establish a penalty for improper use of moneys in a small business asset purchase account. Effective immediately.

Actions 
DateChamber Action
  2/23/2021SenateFiled with Secretary by Sen. Win Stoller
  2/23/2021SenateFirst Reading
  2/23/2021SenateReferred to Assignments
  3/3/2021SenateAssigned to Revenue
  3/19/2021SenateTo Revenue- Special Issues
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments

Back To Top