Section 520.1400  General

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).

(Source:  Amended at 38 Ill. Reg. 457, effective December 20, 2013)