Bill Status of SB3483

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SB3483 - 104th General Assembly

INC TX-VEHICLE LOANS
Last Action
2/17/2026 - Senate: Assigned to Revenue
Senate Sponsors
Sen. Dave Syverson
Statutes Amended In Order of Appearance
35 ILCS 5/203from Ch. 120, par. 2-203
Synopsis As Introduced
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.
Actions
Date Chamber Action
2/05/2026 Senate Filed with Secretary by Sen. Dave Syverson
2/05/2026 Senate First Reading
2/05/2026 Senate Referred to Assignments
2/17/2026 Senate Assigned to Revenue