Illinois House Hearing on Small Business Savings Accounts

May 10, 2024

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.”

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Uncategorized

State:

Illinois