Publication 101 - Income Exempt From Tax - Illinois Department Of Revenue
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2
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4Illinois Department of Revenue
have congressional authorization
which also pledges the faith and
To provide a quick
credit of the United States in
reference and a brief
Taxpayers are entitled to subtract an
support of the promise to pay.
amount equal to all amounts that are
explanation of income
exempt from income tax providing
exempt from Illinois
Note: If you have a governmental
these amounts are included in the
obligation that is secondary, indirect,
Income Tax.
calculation of Illinois base income.
or contingent (e.g., a guaranty of a
nongovernmental obligor’s primary
If you receive income from bonds or
obligation to pay the principal
To identify who is entitled to a
other obligations that are exempt
amount and interest on a note), it is
subtraction of income exempt
from Illinois Income Tax, the
not exempt from income tax.
from Illinois Income Tax
exempt amount you are entitled to
claim is the interest net of bond
The following types of income are
To define amounts exempt from
premium amortization.
exempt from Illinois Income Tax:
Illinois Income Tax
Interest on U.S. Treasury bonds,
To identify exceptions
notes, bills, certificates, and
savings bonds.
To explain how to claim a
subtraction of exempt income on
Income from GSA Public
your Illinois Income Tax return
Building Trust Participation
If you have income from stocks and
Certificates: First Series, Series
obligations of the United States
A through E; Second Series,
Government which is included in
Series F; Third Series, Series G;
The Constitution, treaties or statutes
your Illinois base income, you may
Fourth Series, Series H and I.
of the United States, and the Illinois
subtract the total amount of income
Constitution exempt certain income
and interest on the obligations from
from Illinois Income Tax. Illinois
your Illinois base income.
law also exempts income of certain
“Obligations of the United States”
obligations of state and local
are those obligations issued “to
governments from Illinois Income
secure credit to carry on the
Tax.
necessary functions of government.”
Federal statutes exempt specific
This publication identifies income
These exemptions are aimed at
types of income from state income
that is exempt from Illinois Income
protecting the “Borrowing” and
tax. The income from notes, bonds,
Tax as outlined in the Illinois
“Supremacy” clauses of the
debentures, and other similar
Income Tax Rules. Since this
Constitution.
obligations issued by the following
publication is updated on an annual
is exempt from Illinois Income Tax:
Tax-exempt credit instruments
basis, it may not include the latest
changes in the Illinois Income Tax
Banks for Cooperatives
are written documents,
Rules. For more information regard-
ing Illinois Income Tax exemptions,
Commodity Credit Corporation
bear interest,
see the Illinois Income Tax Rules,
86 Illinois Administrative Code
Farm Credit System Financial
are binding promises by the
100.2470. To obtain a copy of these
Assistance Corporation
United States to pay specified
rules, call 1 800 356-6302 or our
(Financial Assistance
sums at specified dates, and
TDD-telecommunications device for
Corporation)
the deaf at 1 800 544-5304.
Page 1
PUB-101 (R-12/96)
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