Synopsis As Introduced Amends the Illinois Income Tax Act. Allows individual taxpayers to deduct from their base income an amount equal to the amount of principal and interest paid by the taxpayer during the taxable year in the course of repaying a student loan of the taxpayer. Requires that this deduction be reduced by any amount that the taxpayer deducted from his or her federal adjusted gross income with respect to any principal or interest on the same loan. Exempts the deduction from the Acts sunset provisions. Effective immediately.