INC TX-VEHICLE LOANS
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.
Bill status
in committee
1 of 4 stages cleared
Introduction
Feb 2026
Committee Review
Floor Vote
Governor
Introduced Feb 5, 2026
Last action May 22, 2026
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
8
Key actions
1
Committee
4
May 22, 2026
Committee
Rule 3-9(a) / Re-referred to Assignments
upper
Mar 13, 2026
Upper · Passed
Rule 2-10 Committee Deadline Established As April 24, 2026
upper
Feb 17, 2026
Committee
Assigned to Revenue
upper
Feb 5, 2026
Committee
Referred to Assignments
upper
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Dave Syverson
RRepublican
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