IL SB1438 | 2017-2018 | 100th General Assembly
Status
Completed Legislative Action
Sponsorship: Partisan Bill (Democrat 1)
Status: Failed on January 9 2019 - 100% progression
Action: 2019-01-09 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Sponsorship: Partisan Bill (Democrat 1)
Status: Failed on January 9 2019 - 100% progression
Action: 2019-01-09 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Summary
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.
Title
INC TX-PERSONAL INTEREST
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2019-01-09 | Senate | Session Sine Die |
| 2017-02-09 | Senate | Referred to Assignments |
| 2017-02-09 | Senate | First Reading |
| 2017-02-09 | Senate | Filed with Secretary by Sen. Laura M. Murphy |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 35 | 5 | 203 | Amended Code | Citation Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1438&GAID=14&DocTypeID=SB&SessionID=91&GA=100 |
| Text | https://www.ilga.gov/legislation/100/SB/10000SB1438.htm |
