IL SB3260

Amends the Illinois Income Tax Act to create a new deduction for qualified education loan interest paid by taxpayers beginning in taxable years on or after January 1, 2014.

The deduction equals the difference between total interest paid on any qualified education loan during the taxable year and the amount of deduction claimed under Section 221 of the Internal Revenue Code for the same loan.

"Qualified education loan" is defined according to Section 221 of the Internal Revenue Code.

This deduction provision is exempt from the Act's automatic sunset provision, making it permanent tax relief for education loan borrowers.

Takes effect immediately upon becoming law.