Bill Status of SB1438 100th General Assembly
Short Description: INC TX-PERSONAL INTEREST
Sen. Laura M. Murphy
| 2/9/2017||Senate||Referred to Assignments|
Statutes Amended In Order of Appearance
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.