IL SB3427 | 2015-2016 | 99th General Assembly
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on May 12 2016 - 25% progression, died in committee
Action: 2016-05-12 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on May 12 2016 - 25% progression, died in committee
Action: 2016-05-12 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Income Tax Act. Creates a credit 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 |
|---|---|---|
| 2016-05-12 | Senate | Referred to Assignments |
| 2016-05-12 | Senate | First Reading |
| 2016-05-12 | Senate | Filed with Secretary by Sen. Laura M. Murphy |
Code Citations
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3427&GAID=13&DocTypeID=SB&SessionID=88&GA=99 |
| Text | https://www.ilga.gov/legislation/99/SB/09900SB3427.htm |
