Illinois General Assembly - Bill Status for SB3429
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 Bill Status of SB3429  102nd General Assembly


Short Description:  INC TX-PERSONAL INTEREST

Senate Sponsors
Sen. Laura M. Murphy

Last Action
DateChamber Action
  1/10/2017SenateSession Sine Die

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
  5/18/2016SenateFiled with Secretary by Sen. Laura M. Murphy
  5/18/2016SenateFirst Reading
  5/18/2016SenateReferred to Assignments
  1/10/2017SenateSession Sine Die

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