INC TX-SMALL BUSINESS ACCT Senate SponsorsSen. Chuck Weaver-Napoleon Harris, III 1/13/2021SenateSession Sine Die 35 ILCS 5/203from Ch. 120, par. 2-20335 ILCS 735/3-3.5 newAmends 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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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. 2/15/2019SenateFiled with Secretary by Sen. Chuck Weaver 2/15/2019SenateFirst Reading 2/15/2019SenateReferred to Assignments 2/27/2019SenateAssigned to Revenue 3/6/2019SenateTo Subcommittee on Tax Exemptions and Credits 3/20/2019SenateAdded as Chief Co-Sponsor Sen. Napoleon Harris, III 3/22/2019SenateRule 2-10 Committee Deadline Established As March 28, 2019 3/28/2019SenateRule 3-9(a) / Re-referred to Assignments 1/13/2021SenateSession Sine Die