Senate Sponsors: LAUZEN. Short description: INC TX DEDUCT-INTEREST Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Allows individuals, corporations, and trusts and estates a deduction on the income tax equal to the amount of interest expense paid by the taxpayer (i) that is related to an investment in a business doing business in Illinois and (ii) that is not allowable as an interest deduction on the taxpayer's federal income tax return. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status