IllinoisSB3483104th General Assembly (2025–2026)Senate

INC TX-VEHICLE LOANS

Sponsored By: Dave Syverson (Republican)

In Committee

Summary

Amends the Illinois Income Tax Act. Provides that each individual taxpayer who incurs debt that does not exceed $60,000 in connection with the financing of a qualified motor vehicle is entitled to a deduction in an amount equal to the interest paid on the qualified motor vehicle loan during the taxable year. Effective immediately.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Dave Syverson

    Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Rule 3-9(a) / Re-referred to Assignments

    5/22/2026Senate
  2. Rule 2-10 Committee/3rd Reading Deadline Established As May 22, 2026

    5/15/2026Senate
  3. Rule 2-10 Committee/3rd Reading Deadline Established As May 15, 2026

    4/24/2026Senate
  4. Rule 2-10 Committee Deadline Established As April 24, 2026

    3/13/2026Senate
  5. Assigned to Revenue

    2/17/2026Senate
  6. Referred to Assignments

    2/5/2026Senate
  7. First Reading

    2/5/2026Senate
  8. Filed with Secretary by Sen. Dave Syverson

    2/5/2026Senate

Bill Text

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