Illinois Administrative Code
Title 14 - COMMERCE
Part 520 - ENTERPRISE ZONE AND HIGH IMPACT BUSINESS PROGRAMS
Subpart N - INTEREST INCOME DEDUCTION FOR FINANCIAL INSTITUTIONS
Section 520.1400 - General
Universal Citation: 14 IL Admin Code ยง 520.1400
Current through Register Vol. 48, No. 38, September 20, 2024
The Interest Income Deduction for Financial Institutions found in the Illinois Income Tax Act (see 35 ILCS 5/203(b)(2) (M-1)) allows any taxpayer that is a financial organization within the meaning of Section 304(c) of the Illinois Income Tax Act to deduct from their Illinois corporate income tax return an amount equal to the interest received from a High Impact Business located in a federally designated Foreign Trade Zone or Sub-Zone (see 35 ILCS 5/203(b)(2) (M-1)). The specific terms and conditions governing this tax deduction are found in the Illinois Department of Revenue's regulations (86 Ill. Adm. Code 100.2110 ).
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