HB3602 Summary

• Creates a deduction for individuals, trusts, and estates for qualified student loan payments made during the taxable year, effective for taxable years ending on or after December 31, 2017.

• Qualified education loan payments include principal and interest payments, covering loans defined under Section 221 of the Internal Revenue Code.

• Applies to payments made by the taxpayer and to payments made by the taxpayer's employer on behalf of the taxpayer if included in adjusted gross income.

• The deduction is excluded from automatic sunset provisions under Section 250 of the Illinois Income Tax Act.

• Effective immediately upon becoming law.