Sen. Dave Syverson
Filed: 4/10/2025
 
 

 
 

 
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1
AMENDMENT TO SENATE BILL 1093 

2    AMENDMENT NO. ______. Amend Senate Bill 1093 by replacing 
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Income Tax Act is amended by 
5adding Section 246 as follows:
 
6    (35 ILCS 5/246 new)
7    Sec. 246. Motor vehicle financing credit.
8    (a) For taxable years that begin on or after January 1, 
92025 and begin before January 1, 2030, each individual 
10taxpayer who, on or after January 1, 2025, incurs debt that 
11does not exceed the maximum loan amount in connection with the 
12financing of a qualified motor vehicle is entitled to a credit 
13against the tax imposed by subsections (a) and (b) of Section 
14201 in an amount equal to the interest paid on the qualified 
15motor vehicle loan during the taxable year. The credit under 
16this Section is limited to one qualified motor vehicle per 
 
 
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1person. In the case of spouses filing a joint return, the 
2credit may be taken for up to 2 qualified motor vehicles per 
3return. 
4    (b) In no event shall a credit under this Section reduce 
5the taxpayer's liability to less than zero. If the amount of 
6the credit exceeds the tax liability for the year, then the 
7excess may be carried forward and applied to the tax liability 
8of the 5 taxable years following the excess credit year. The 
9tax credit shall be applied to the earliest year for which 
10there is a tax liability. If there are credits for more than 
11one year that are available to offset a liability, the earlier 
12credit shall be applied first. 
13    (c) As used in this Section:
14    "Final assembly" means the process by which a manufacturer 
15produces a motor vehicle at, or through the use of, a plant, 
16factory, or other place from which the motor vehicle is 
17delivered to a dealer, that results in all component parts 
18that are necessary for the mechanical operation of the motor 
19vehicle being included with the motor vehicle, whether or not 
20the component parts are permanently installed in or on the 
21motor vehicle. 
22    "Maximum loan amount" means an initial loan amount of 
23$60,000. 
24    "Qualified motor vehicle" means a motor vehicle of the 
25first division, as defined in the Illinois Vehicle Code, that 
26meets all of the following:
 
 
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1        (1) the motor vehicle is titled and registered with 
2    the Secretary of State;
3        (2) the motor vehicle's registration is current as of 
4    the last day of the taxable year; and 
5        (3) the final assembly of the motor vehicle occurred 
6    within the United States.
 
7    Section 99. Effective date. This Act takes effect upon 
8becoming law.".