BILLS FILED TO CREATE SMALL BIZ ACCOUNTS

Illinois lawmakers are looking to boost small business growth with new legislation. Democratic state Senator Doris Turner and Republican state Representative Amy Elik have introduced bills in their respective chambers HB 4874 and SB 3614 to establish small business asset purchase accounts. Under the proposed measures, small businesses could receive a 50% income tax deduction in the year they either contribute to or withdraw from these accounts. Supporters say this approach gives business owners greater flexibility for making investments as needed, instead of feeling pressured by tax deadlines. The bills are currently up for consideration in the state legislature.