Bill Title: 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.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2026-05-22 - Rule 3-9(a) / Re-referred to Assignments [SB3483 Detail]

Text: Latest bill text (Introduced) [HTML]

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