summary
Introduced
02/05/2026
02/05/2026
In Committee
02/17/2026
02/17/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill 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.
AI Summary
This bill amends the Illinois Income Tax Act to allow individual taxpayers to deduct the interest paid on a qualified motor vehicle loan, provided the loan amount does not exceed $60,000 and the vehicle is titled and registered in Illinois with final assembly occurring within the United States. This deduction is available for loans originating on or after January 1, 2026, and is limited to one qualified motor vehicle per person, or up to two for those filing a joint return. The bill also specifies definitions for "final assembly," "maximum loan amount," "qualified motor vehicle," and "qualified motor vehicle loan" to clarify eligibility for this new tax deduction.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Assigned to Revenue (on 02/17/2026)
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