INC TX-SMALL BUSINESS ACCT House SponsorsRep. Amy Elik 3/21/2025HouseRule 19(a) / Re-referred to Rules Committee 35 ILCS 5/20335 ILCS 735/3-3.5 new Amends the Illinois Income Tax Act. Creates an income tax deduction for 50% of the amount contributed by the taxpayer to a small business asset purchase account during the tax year, but not to exceed $50,000 per taxpayer in any tax year. Defines "small business asset purchase account". Provides an addition modification for 50% of the amount that is withdrawn by the taxpayer from a small business asset purchase account during the taxable year. Amends the Uniform Penalty and Interest Act to establish a penalty for improper use of moneys in a small business asset purchase account. 2/6/2025HouseFiled with the Clerk by Rep. Amy Elik 2/18/2025HouseFirst Reading 2/18/2025HouseReferred to Rules Committee 3/4/2025HouseAssigned to Revenue & Finance Committee 3/6/2025HouseTo Tax Policy: Income Tax Subcommittee 3/21/2025HouseRule 19(a) / Re-referred to Rules Committee