Publication 101 - Income Exempt From Tax - Illinois Department Of Revenue Page 2
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2
3
4Federal Deposit Insurance
Railroad Unemployment
Corporation
Insurance Act
Includes unemployment benefits
paid pursuant to the Railroad
Federal Farm Credit Banks
Unemployment Insurance Act.
If you have distributions from
Federal Home Loan Banks
money market trusts (even if the
Resolution Funding
obligations are owned indirectly
Corporation
Federal Intermediate Credit
through owning shares in a mutual
Banks
fund), you may subtract that portion
Special Food Service Program
of income received from any of the
Includes assistance to children
Federal Land Banks and
obligations that are listed in this
under the Special Food Service
Federal Land Bank Association
publication under “What if I have
Program.
income from obligations of the
Federal Savings and Loan
United States Government?” and
Student Loan Marketing
Insurance Corporation
“What income is exempt from
Association
Illinois Income Tax by other federal
Financing Corporation (FICO)
statutes?” Your distribution is
Tennessee Valley Authority
exempt from Illinois Income Tax if
General Insurance Fund
the fund invests
United States Postal Service
Includes debentures issued under
the War Housing Insurance Law;
exclusively in these state tax
General Insurance Fund to
exempt obligations. The entire
The following items are also exempt
acquire rental housing projects; or
amount of the distribution
from Illinois Income Tax, but the
Armed Services Housing
(income) from the fund may be
income received from them is not
Mortgage Insurance Debentures
subtracted;
presently included in your federal
issued by the General Insurance
taxable income. You must list these
in both exempt and non-exempt
Fund.
federally tax-exempt items as
obligations. The amount repre-
additions on your Illinois Income
sented by the percentage of the
National Credit Union
Tax return. You may then list them
distribution that the mutual fund
Administration Central
as subtractions in figuring your
identifies as exempt may be
Liquidity Facility
Illinois base income.
subtracted;
Production Credit Association
Government of Guam
in those obligations listed even if
the fund does not identify an
Railroad Retirement Act
Government of Puerto Rico
exempt amount or percentage.
Includes annuity and supplemen-
You may figure your subtraction
tal annuity payments as qualified
Government of the Virgin
by using a fraction. Use the
under the Railroad Retirement
Islands
amount invested by the fund in
Act of 1974. Please be sure to use
state-exempt U.S. obligations as
the line specified on your Illinois
Mutual Mortgage Insurance
the numerator. Use the fund’s
Income Tax return for this item.
Fund
total investment as the denomina-
Income from such debentures is
tor. Multiply the total distribution
issued in exchange for property
by the fraction.
covered by mortgages insured
Note: Use the year-end amounts
after February 3, 1988.
to figure the fraction if the
percentage ratio has remained
Page 2
PUB-101 (R-12/96)
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