Section 520.1300  General

The Dividend Income Deduction found in the Illinois Income Tax Act [35 ILCS 5/20(b)(2)(K) and (L)] provides that taxpayers may deduct from their taxable income an amount equal to those dividends that were paid to them by a corporation that conducts substantially all of its operations in an Enterprise Zone (see 35 ILCS 5/203(b)(2)(K)) or a High Impact Business located in a federally designated Foreign Trade Zone or Sub-Zone (see 35 ILCS 5/203(b)(2)(L)).  The specific terms and conditions governing this tax deduction are found in the Illinois Department of Revenue's regulations (86 Ill. Adm. Code 2480).

(Source:  Added at 27 Ill. Reg. 3282, effective February 14, 2003)