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IL SB3483
Bill
Status
Introduced
2/5/2026
Primary Sponsor
Dave Syverson
Click for details
AI Summary
- Amends the Illinois Income Tax Act to create a new deduction for individual taxpayers who finance qualified motor vehicles
- Allows taxpayers to deduct interest paid on vehicle loans during the taxable year from their Illinois base income
- Limits eligibility to vehicle loan debt that does not exceed $60,000
- Takes effect immediately upon becoming law
- Introduced February 5, 2026 by Senator Dave Syverson
Legislative Description
INC TX-VEHICLE LOANS
Last Action
Rule 2-10 Committee Deadline Established As April 24, 2026
3/13/2026
Committee Referrals
Revenue2/17/2026
Assignments2/5/2026
Full Bill Text
No bill text available