Added as Co-Sponsor Sen. Donald P. DeWitte
Summary
SB 3848 amends the Illinois Income Tax Act to let taxpayers subtract a new deduction based on the insurance premiums they paid for their primary residence. The deduction equals the difference between those premiums and a comparable federal amount, and the bill also updates other tax calculations such as bonus depreciation and intangible expenses. The goal is to lower the overall tax burden for homeowners while aligning state rules with federal tax treatment.
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