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 Bill Status of SB1438  100th General Assembly


Short Description:  INC TX-PERSONAL INTEREST

Senate Sponsors
Sen. Laura M. Murphy

Last Action
DateChamber Action
  2/9/2017SenateReferred to Assignments

Statutes Amended In Order of Appearance
35 ILCS 5/203from Ch. 120, par. 2-203


Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a deduction 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.

Actions 
DateChamber Action
  2/9/2017SenateFiled with Secretary by Sen. Laura M. Murphy
  2/9/2017SenateFirst Reading
  2/9/2017SenateReferred to Assignments

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