Illinois 100th Regular Session Status: In Committee 1 D cosponsors

SB 1438 — INC TX-PERSONAL INTEREST

Last action — Session Sine Die

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 100th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Amends the Illinois Income Tax Act. Creates a deduction in an amount equal to the amount of personal interest paid by an individual taxpayer during the taxable year. Provides that the term "personal interest" means interest paid on personal and consumer loans that is not deductible when calculating the taxpayer's federal adjusted gross income. Effective immediately.

Bill Text

How this bill changes current law

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AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill introduces a new personal interest deduction to the Illinois Income Tax Act for individual taxpayers.

  • 35 ILCS 5/203

    An amount equal to the amount of personal interest paid by an individual taxpayer during the taxable year.

    Creates a new deduction for personal interest paid by taxpayers.

  • 35 ILCS 5/203

    The term 'personal interest' means interest paid on personal and consumer loans that is not deductible when calculating the taxpayer's federal adjusted gross income.

    Defines 'personal interest' for the purposes of the new deduction.

Action History

  1. Session Sine Die

  2. Referred to Assignments

  3. First Reading

  4. Filed with Secretary by Sen. Laura M. Murphy

Sponsors

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

Not signed on (182)

182 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation
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Frequently asked questions

What does SB 1438 do?
Amends the Illinois Income Tax Act. Creates a deduction in an amount equal to the amount of personal interest paid by an individual taxpayer during the taxable year. Provides that the term "personal interest" means interest paid on personal and consumer loans that is not deductible when calculating the taxpayer's federal adjusted gross income. Effective immediately.
Who sponsors SB 1438?
SB 1438 is sponsored by Laura M. Murphy (Democrat).
What is the current status of SB 1438?
This bill died with 100th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 1438?
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Last checked for changes 3 months ago · updated continuously

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