Section 520.1300  General

The Dividend Income Deduction found in the Illinois Income Tax Act [35 ILCS 5/203(a)(2)(K), (b)(2)(L), (c)(2)(O), and (d)(2)(M)] provides that taxpayers may deduct from their taxable income an amount equal to those dividends that were paid to them by 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 100.2480).

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