Illinois Senate bill in Session 104.
Status: in_committee. Latest action: May 22, 2026.
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. Effective immediately.
| Date | Event | Detail |
|---|---|---|
| 2026-02-05 | Introduced | Bill introduced |
| 2026-05-22 | Status | in_committee |
| 2026-05-22 | Latest Action | 5/22/2026 - Senate: |