Bill Status of HB3062  101st General Assembly

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Short Description:  INC TX-SMALL BUSINESS ACCT

House Sponsors
Rep. Mike Murphy

Last Action

Date	Chamber	Action
1/13/2021	House	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/203

from Ch. 120, par. 2-203

35 ILCS 735/3-3.5 new

Synopsis As Introduced
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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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.

Actions 

Date	Chamber	Action
2/15/2019	House	Filed with the Clerk by Rep. Mike Murphy
2/15/2019	House	First Reading
2/15/2019	House	Referred to Rules Committee
3/5/2019	House	Assigned to Revenue & Finance Committee
3/14/2019	House	To Income Tax Subcommittee
3/29/2019	House	Rule 19(a) / Re-referred to Rules Committee
1/13/2021	House	Session Sine Die