Bill Status of HB3062  101st General Assembly


Short Description:  INC TX-SMALL BUSINESS ACCT

House Sponsors
Rep. Mike Murphy

Last Action
DateChamber Action
  1/13/2021HouseSession Sine Die

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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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
  2/15/2019HouseFiled with the Clerk by Rep. Mike Murphy
  2/15/2019HouseFirst Reading
  2/15/2019HouseReferred to Rules Committee
  3/5/2019HouseAssigned to Revenue & Finance Committee
  3/14/2019HouseTo Income Tax Subcommittee
  3/29/2019HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2021HouseSession Sine Die