SMALL BUSINESS ASSET ACCT Senate SponsorsSen. Doris Turner 2/17/2026SenateAssigned to Revenue New Act35 ILCS 5/203from Ch. 120, par. 2-20335 ILCS 735/3-3.5 newCreates the Small Business Asset Purchase Account Act. Provides that a small business in the State may open a small business asset purchase account at an eligible financial institution. Provides that funds from a small business asset purchase account may be used only for specified eligible costs. Amends the Illinois Income Tax Act. Creates a deduction in an amount equal to 50% of the amount contributed during the taxable year to a small business asset purchase account. Creates a deduction of 100% of the interest earned on the account that is not included in the taxpayer's federal adjusted gross income. Amends the Uniform Penalty and Interest Act to provide for penalties for amounts withdrawn that are not used for eligible costs. 2/5/2026SenateFiled with Secretary by Sen. Doris Turner 2/5/2026SenateFirst Reading 2/5/2026SenateReferred to Assignments 2/17/2026SenateAssigned to Revenue 3/13/2026SenateRule 2-10 Committee Deadline Established As April 24, 2026