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IL HB4874

Bill

Official Source

Status

Introduced

2/3/2026

Primary Sponsor

Amy Elik

Click for details

Origin

House of Representatives

104th General Assembly

AI Summary

  • Creates Small Business Asset Purchase Accounts allowing Illinois businesses with fewer than 50 employees to save for capital equipment purchases at FDIC-insured financial institutions
  • Provides a 50% state income tax deduction for contributions made to the account during the taxable year, with annual contributions capped at $100,000
  • Excludes 100% of interest and earnings on the account from Illinois taxable income
  • Limits eligible withdrawals to purchases of property primarily used in Illinois that qualify for federal Section 179 deductions (business equipment and assets)
  • Imposes penalties under the Uniform Penalty and Interest Act for any funds withdrawn and not used for eligible capital asset purchases

Legislative Description

SMALL BUSINESS ASSET ACCT

Last Action

Assigned to Revenue & Finance Committee

3/12/2026

Committee Referrals

Revenue & Finance3/12/2026
Rules2/6/2026

Full Bill Text

No bill text available