· IL legislature · 104th

INC TX-VEHICLE LOANS

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. Effecti…

Sponsor

Dave Syverson (R-IL)

Introduced

2026-02-05

Policy area

Taxation

Latest action

Rule 2-10 Committee Deadline Established As April 24, 2026