HB4669ham001 103RD GENERAL ASSEMBLY

Rep. Amy Elik

Filed: 3/12/2024

10300HB4669ham001 LRB103 38044 HLH 70599 a

AMENDMENT TO HOUSE BILL 4669

AMENDMENT NO. ______. Amend House Bill 4669 on page 15, by replacing lines 11 through 23 with the following:

"(D-26) For taxable years beginning on or after January 1, 2025, 50% of the amount that is withdrawn by the taxpayer from a small business asset purchase account during the taxable year;"; and

on page 32, by replacing lines 9 through 20 with the following:

"(LL) For taxable years beginning on or after January 1, 2025, 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; as used in this subparagraph (LL), "small business asset purchase account" means an account established by a taxpayer that is held separately from other accounts of the taxpayer and the proceeds of which are used to purchase property that is used primarily in Illinois and for which a federal income tax deduction is claimed under Section 179 of the Internal Revenue Code."; and

on page 44, by replacing lines 9 through 21 with the following:

"(E-21) For taxable years beginning on or after January 1, 2025, 50% of the amount that is withdrawn by the taxpayer from a small business asset purchase account during the taxable year;"; and

on page 59, by replacing lines 5 through 16 with the following:

"(BB) For taxable years beginning on or after January 1, 2025, 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; as used in this subparagraph (BB), "small business asset purchase account" means an account established by a taxpayer that is held separately from other accounts of the taxpayer and the proceeds of which are used to purchase property that is used primarily in Illinois and for which a federal income tax deduction is claimed under Section 179 of the Internal Revenue Code."; and

on page 71, by replacing lines 2 through 14 with the following:

"(G-17) For taxable years beginning on or after January 1, 2025, 50% of the amount that is withdrawn by the taxpayer from a small business asset purchase account during the taxable year;"; and

on page 82, by replacing lines 8 through 19 with the following:

"(BB) For taxable years beginning on or after January 1, 2025, 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; as used in this subparagraph (BB), "small business asset purchase account" means an account established by a taxpayer that is held separately from other accounts of the taxpayer and the proceeds of which are used to purchase property that is used primarily in Illinois and for which a federal income tax deduction is claimed under Section 179 of the Internal Revenue Code."; and

on page 92, by replacing lines 5 through 17 with the following:

"(D-12) For taxable years beginning on or after January 1, 2025, 50% of the amount that is withdrawn by the taxpayer from a small business asset purchase account during the taxable year;"; and

by replacing line 17 on page 101 through line 2 on page 102 with the following:

"(V) For taxable years beginning on or after January 1, 2025, 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; as used in this subparagraph (V), "small business asset purchase account" means an account established by a taxpayer that is held separately from other accounts of the taxpayer and the proceeds of which are used to purchase property that is used primarily in Illinois and for which a federal income tax deduction is claimed under Section 179 of the Internal Revenue Code."; and

on page 110, line 12, by replacing "predominantly" with "primarily".