IL HB0402

Creates a deduction for individuals, trusts, and estates for qualified student loan payments made during the taxable year, effective for tax years ending on or after December 31, 2015.

Allows deduction for payments on qualified education loans, including principal and interest payments, but only when the taxpayer was not entitled to a deduction under Section 221 of the Internal Revenue Code.

Applies to payments made directly by the taxpayer and to payments made by the taxpayer's employer on behalf of the taxpayer.

Defines "qualified education loan" using the same meaning as Section 221 of the Internal Revenue Code.

Exempts this deduction from automatic sunset provisions under Section 250 of the Illinois Income Tax Act, ensuring it remains permanent.