Illinois House Bill 2583
Session 102nd
Inc Tx-Small Business Acct
Active
Failed in House on Jan 10, 2023
Origin Chamber
House
Type
Bill
Bill Number
2583
State
Illinois
Session
102nd
House votes are unavailable for this bill.
Summary
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 Provides an addition modification for amounts withdrawn from a small business asset purchase account that are not used for qualified purchases.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.
Sort by most recent
01/10/2023
House
Session Sine Die
02/10/2022
House
Added Co-Sponsor Rep. Daniel Swanson
03/27/2021
House
Rule 19(a) / Re-referred to Rules Committee
03/18/2021
House
To Income Tax Subcommittee
03/18/2021
House
Added Co-Sponsor Rep. Ryan Spain
03/16/2021
House
Added Co-Sponsor Rep. Dan Brady
03/09/2021
House
Assigned to Revenue & Finance Committee
03/09/2021
House
Added Co-Sponsor Rep. Brad Halbrook
03/08/2021
House
Added Co-Sponsor Rep. Andrew S. Chesney
03/04/2021
House
Added Co-Sponsor Rep. Tony McCombie
03/03/2021
House
Added Co-Sponsor Rep. Amy Grant
03/03/2021
House
Added Co-Sponsor Rep. Keith P. Sommer
03/03/2021
House
Added Co-Sponsor Rep. Chris Miller
03/03/2021
House
Added Co-Sponsor Rep. Joe Sosnowski
03/03/2021
House
Added Chief Co-Sponsor Rep. Mark Luft
03/02/2021
House
Added Co-Sponsor Rep. Thomas M. Bennett
03/02/2021
House
Added Co-Sponsor Rep. Martin McLaughlin
03/02/2021
House
Added Co-Sponsor Rep. Patrick Windhorst
03/02/2021
House
Added Co-Sponsor Rep. Norine K. Hammond
03/02/2021
House
Added Co-Sponsor Rep. David Friess
02/19/2021
House
Referred to Rules Committee
02/19/2021
House
First Reading
02/17/2021
House
Filed with the Clerk by Rep. Mike Murphy
Sources
IL Legislature
Record Created
Feb 18, 2021 8:42:41 AM
Record Updated
Feb 1, 2023 7:46:48 AM