SB 3483

Illinois Senate bill in Session 104.

Status: in_committee. Latest action: May 22, 2026.

INC TX-VEHICLE LOANS.

Bill ID IL-104-SB-3483
Session 104
Status in_committee
Committee Assignments
Senate in_committee 2026-05-22
Tax / Budget / Appropriations Transportation
Summary

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.

Sponsor
Dave Syverson
Official Source Back to Bills
Actions Timeline
Date Event Detail
2026-02-05 Introduced Bill introduced
2026-05-22 Status in_committee
2026-05-22 Latest Action 5/22/2026 - Senate:
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