Bill Status of SB3260 98th General Assembly
Short Description: INC TX-STUDENT LOANS
Sen. Michael W. Frerichs
|Session Sine Die
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a deduction in an amount equal to the difference between the total amount of interest paid by the taxpayer during the taxable year on any qualified education loan and the amount of the deduction claimed by the taxpayer under a provision of the Internal Revenue Code for the same loan. Provides that the deduction is exempt from the Act's automatic sunset provision. Effective immediately.