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IL SB3614
Bill
Status
Introduced
2/5/2026
Primary Sponsor
Doris Turner
Click for details
AI Summary
- Creates the Small Business Asset Purchase Account Act, allowing Illinois businesses with fewer than 50 employees to open dedicated savings accounts at FDIC-insured financial institutions for capital equipment purchases
- Contributions to the account are limited to $100,000 per calendar year in cash, with funds restricted to purchasing property eligible for federal Section 179 tax deductions and primarily used in Illinois
- Provides a state income tax deduction equal to 50% of annual contributions to the account, plus a 100% deduction for interest earned on the account
- Imposes penalties under the Uniform Penalty and Interest Act for any withdrawals used for purposes other than eligible capital equipment costs
- Account assets must be kept separate from other business property, and account holders bear sole responsibility for documenting that purchases qualify as eligible costs
Legislative Description
SMALL BUSINESS ASSET ACCT
Last Action
Rule 2-10 Committee Deadline Established As April 24, 2026
3/13/2026
Committee Referrals
Revenue2/17/2026
Assignments2/5/2026
Full Bill Text
No bill text available