Section 524.560  Interest Income Deduction

The Interest Income Deduction for Financial Institutions found in the Illinois Income Tax Act [35 ILCS 5/203(b)(2)(M) and (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 its Illinois corporate income tax return an amount equal to the interest received from a loan for development in a River Edge Redevelopment Zone (see 35 ILCS 5/203(b)(2)(M)). 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).