· IL legislature · 104th

INC TX-SMALL BUSINESS ACCT

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 modificat…

Sponsor

Amy Elik (R-IL)

Introduced

2025-02-06

Policy area

Taxation

Latest action

Rule 19(a) / Re-referred to Rules Committee