INC TX-SMALL BUSINESS ACCT House SponsorsRep. Mike Murphy-Mark Luft, David Friess, Norine K. Hammond, Patrick Windhorst, Martin McLaughlin, Thomas M. Bennett, Joe Sosnowski, Chris Miller, Keith P. Sommer, Amy Grant, Tony McCombie, Andrew S. Chesney, Brad Halbrook, Dan Brady, Ryan Spain and Daniel Swanson 1/10/2023HouseSession Sine Die 35 ILCS 5/203from Ch. 120, par. 2-20335 ILCS 735/3-3.5 new 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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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. 2/17/2021HouseFiled with the Clerk by Rep. Mike Murphy 2/19/2021HouseFirst Reading 2/19/2021HouseReferred to Rules Committee 3/2/2021HouseAdded Co-Sponsor Rep. David Friess 3/2/2021HouseAdded Co-Sponsor Rep. Norine K. Hammond 3/2/2021HouseAdded Co-Sponsor Rep. Patrick Windhorst 3/2/2021HouseAdded Co-Sponsor Rep. Martin McLaughlin 3/2/2021HouseAdded Co-Sponsor Rep. Thomas M. Bennett 3/3/2021HouseAdded Chief Co-Sponsor Rep. Mark Luft 3/3/2021HouseAdded Co-Sponsor Rep. Joe Sosnowski 3/3/2021HouseAdded Co-Sponsor Rep. Chris Miller 3/3/2021HouseAdded Co-Sponsor Rep. Keith P. Sommer 3/3/2021HouseAdded Co-Sponsor Rep. Amy Grant 3/4/2021HouseAdded Co-Sponsor Rep. Tony McCombie 3/8/2021HouseAdded Co-Sponsor Rep. Andrew S. Chesney 3/9/2021HouseAdded Co-Sponsor Rep. Brad Halbrook 3/9/2021HouseAssigned to Revenue & Finance Committee 3/16/2021HouseAdded Co-Sponsor Rep. Dan Brady 3/18/2021HouseAdded Co-Sponsor Rep. Ryan Spain 3/18/2021HouseTo Income Tax Subcommittee 3/27/2021HouseRule 19(a) / Re-referred to Rules Committee 2/10/2022HouseAdded Co-Sponsor Rep. Daniel Swanson 1/10/2023HouseSession Sine Die