Ill. Admin. Code tit. 14 § 520.1400
Current through Register Vol. 49, No. 2, January 10, 2025
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 ).
Ill. Admin. Code tit. 14, § 520.1400
Amended at 38 Ill. Reg. 457, effective December 20, 2013