Skip to content

Illinois House Hearing on Small Business Savings Accounts

Illinois House Hearing on Small Business Savings Accounts

May 10, 2024 Last Edit: June 5, 2025

The House Revenue & Finance Committee held a subject-matter hearing on HB 4669, a NFIB supported bill that provides for small business savings accounts (SBSAs) for capital expenses.

Illinois House Hearing on Small Business Savings Accounts

TAKE ACTION: Urge Your Lawmaker to Support Small Business Savings Accounts – https://www.votervoice.net/NFIB/13/campaigns/111903/respond

The House Revenue & Finance Committee held a subject-matter hearing on HB 4669, a NFIB supported bill that provides for small business savings accounts (SBSAs) for capital expenses. The legislation is sponsored by Rep. Amy Elik (R, District 111). If passed, small business owners could contribute up to $50,000 per year to small business savings accounts, allowing them to defer state income taxes on 50% of the contributions until they were ready to reinvest the funds for equipment, building improvements, or other authorized capital expenses. NFIB member, Todd Bringuet, testified in support of the legislation: “An SBSA account can allow small businesses the proper flexibility to optimally time a critical equipment or infrastructure reinvestment.”

Check it out!

Until 05/11/2024
Lorem ipsum dolor site amet
Learn More
Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Receive our newsletter and email notification
Knowledge is power. Let us help you stay informed with breaking legislative news, regulatory updates, business tips, and more.

Related Articles

Side view of man wearing protective mask
July 29, 2025
LISTEN: Making the 20% Small Business Deduction Permanent Was �…
NFIB’s Chad Heinrich appears on Winn Tucson to discuss small business vic…
Read More
Small business. Male florist unfocused in flower shop. Floral design studio, making decorations and arrangements. Flowers delivery, creating order
July 28, 2025
Shop Small During Florida’s Back to School Sales Tax Holiday
The sales tax holiday will be Aug. 1–31, 2025
Read More
Workers Discussing Over Book At Workbench In Sofa Workshop
July 28, 2025
Ohio’s Sales Tax Holiday is an Opportunity to Shop at Local S…
The sales tax holiday is Aug. 1-14, 2025
Read More
Female Customer Paying In Coffee Shop
July 28, 2025
Shop Small During West Virginia’s Sales Tax Holiday
The annual sales tax holiday takes place Aug. 1-4, 2025
Read More

© 2001 - 2025 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy Policy | Accessibility