Turner, Elik Propose Tax Breaks for Small Business Investment Accounts

SPRINGFIELD – 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 andSB 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.