INC TX-VEHICLE LOANS

Where it is in the process

Plain-English 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.

Source: OpenStates · fetched April 24, 2026

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