INC TX-VEHICLE LOANS Senate SponsorsSen. Dave Syverson 2/17/2026SenateAssigned to Revenue 35 ILCS 5/203from Ch. 120, par. 2-203Amends 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. 2/5/2026SenateFiled with Secretary by Sen. Dave Syverson 2/5/2026SenateFirst Reading 2/5/2026SenateReferred to Assignments 2/17/2026SenateAssigned to Revenue 3/13/2026SenateRule 2-10 Committee Deadline Established As April 24, 2026