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Illinois Quick Hits: Bills filed to create small business accounts | Illinois

(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. […]