Full Text of SB3152 103rd General Assembly
SB3152sam001 103RD GENERAL ASSEMBLY | Sen. Win Stoller Filed: 3/8/2024 | | 10300SB3152sam001 | | LRB103 38040 HLH 70598 a |
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| 1 | | AMENDMENT TO SENATE BILL 3152
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 3152 on page 15, | 3 | | by 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following: | 4 | | " (D-26) For taxable years beginning on or after | 5 | | January 1, 2025, 50% of the amount that is withdrawn by | 6 | | the taxpayer from a small business asset purchase | 7 | | account during the taxable year; "; and | 8 | | on page 32, by replacing lines 9 through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 | 4 | | on 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following: | 5 | | " (E-21) For taxable years beginning on or after | 6 | | January 1, 2025, 50% of the amount that is withdrawn by | 7 | | the taxpayer from a small business asset purchase | 8 | | account during the taxable year; "; and | 9 | | on page 59, by replacing lines 5 through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 | 22 | | on 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 | 4 | | on 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 | 17 | | on 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 | 22 | | by replacing line 17 on page 101 through line 2 on page 102 | 23 | | with 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 | 13 | | on page 110, line 12, by replacing " predominantly " with | 14 | | " primarily ". |
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