Illinois Quick Hits: Bills filed to create small business accounts

(The Center Square) – Democratic state Sen. Doris Turner, D-Springfield, and Republican state Rep Amy Elik, R-Alton, have filed legislation to create small business asset purchase accounts.

HB 4874 and SB 3614 allow small businesses to receive income tax deductions of 50% in the tax year they contribute funds to the account or withdraw funds.

The lawmakers said the legislation would empower businesses to make investment decisions based on operational needs rather than arbitrary tax timelines.

COOK COUNTY JUDGE NAMED TO APPEALS COURT

Cook County Circuit Court Judge Thaddeus L. Wilson has been assigned to replace recently-named Illinois Supreme Court Justice Sanjay T. Tailor on the First District Appellate Court.

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