99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB3427

 

Introduced 5/12/2016, by Sen. Laura M. Murphy

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/224 new

    Amends the Illinois Income Tax Act. Creates a credit in an amount equal to the amount of personal interest paid by an individual taxpayer during the taxable year. Provides that the term "personal interest" means interest paid on personal and consumer loans that is not deductible when calculating the taxpayer's federal adjusted gross income. Effective immediately.


LRB099 21780 HLH 48478 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB3427LRB099 21780 HLH 48478 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by adding
5Section 224 as follows:
 
6    (35 ILCS 5/224 new)
7    Sec. 224. Personal interest credit.
8    (a) For taxable years ending on or after December 31, 2017,
9each individual taxpayer is entitled to a credit against the
10taxes imposed under subsections (a) and (b) of Section 201 of
11this Act in an amount equal to the amount of personal interest
12paid by the taxpayer during the taxable year.
13    (b) For purposes of this Section, "personal interest" means
14interest paid on personal and consumer loans that is not
15deductible when calculating the taxpayer's federal adjusted
16gross income, including, but not limited to, interest on car
17loans, credit cards, loans for appliances and furniture, and
18interest on loans made by one person to another person.
 
19    Section 99. Effective date. This Act takes effect upon
20becoming law.