Illinois · 104th session
Status: In committee
Amends the Illinois Income Tax Act. Provides that each individual taxpayer who incurs debt that does not exceed $60,000 in connection with the financing of a qualified motor vehicle is entitled to a deduction in an amount equal to the interest paid on the qualified motor vehicle loan during the taxable year. Effective immediately.
Rule 3-9(a) / Re-referred to Assignments (2026-05-22)