IL SB1436

Creates a tax credit for individual taxpayers equal to the amount of personal interest paid during the taxable year, effective for tax years ending on or after December 31, 2017.

Defines "personal interest" as interest paid on personal and consumer loans that is not deductible when calculating federal adjusted gross income.

Includes examples of covered interest such as car loans, credit card interest, appliance and furniture loans, and person-to-person loans.

Credit applies against Illinois income taxes imposed under Sections 201(a) and 201(b) of the Illinois Income Tax Act.

Takes effect immediately upon becoming law.