SB3483 - 104th General Assembly (2025-2026)

INC TX-VEHICLE LOANS
Last Action
2/17/2026 - Senate: Assigned to Revenue
Senate Sponsors
Sen. Dave Syverson
Statutes Amended In Order of Appearance
35 ILCS 5/203  from Ch. 120, par. 2-203
Synopsis As Introduced
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.
Actions
DateChamberAction
2/05/2026SenateFiled with Secretary by Sen. Dave Syverson
2/05/2026SenateFirst Reading
2/05/2026SenateReferred to Assignments
2/17/2026SenateAssigned to Revenue