Publication 101 - Income Exempt From Tax - Illinois Department Of Revenue Page 3
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4Southwestern Illinois
Illinois Development Finance
constant throughout the year. If
Development Authority (pursu-
Authority (pursuant to Sections
the percentage ratio has not
ant to the Southwestern Illinois
7.50 - 7.61, specifically, venture
remained constant, take the
Development Authority Act).
fund and infrastructure bonds);
average of the ratios from the
fund’s quarterly financial reports.
Quad Cities Regional Economic
Development Authority (pro-
vided the authority so deter-
mines);
The following types of other income
College Savings Bonds issued
are exempt from Illinois Income
under the General Obligation
Tax:
Income from state and local
Bond Act in accordance with the
obligations (municipal interest),
Baccalaureate Savings Act;
Income earned by certain trust
which is tax-exempt for federal
accounts established under the
purposes, is not exempt from
Illinois Sports Facilities
Illinois Pre-Need Cemetery Sales
Illinois Income Tax except where
Authority (White Sox Bonds);
Act. Section 16(f) of the Illinois
legislation has been specifically
Pre-Need Cemetery Sales Act
adopted to provide for an exemption.
Higher Education Student
provides that: “because it is not
You must report all federally tax-
Assistance Law (issued on or
known at the time of deposit or at
exempt income as an addition on
after September 2, 1988);
the time that income is earned on
your Illinois Income Tax return. You
the trust account to whom the
may then subtract income reported
Illinois Development Finance
principal and the accumulated
from only those bonds or obligations
Authority (in accordance with
earnings will be distributed, for
listed below to which you own title.
the Asbestos Abatement Finance
purposes of determining the
Income from these bonds is not
Act);
Illinois Income Tax due on these
exempt if the bonds are owned
trust funds, the principal and any
indirectly through owning shares in
Rural Bond Bank Act;
accrued earnings or losses relating
a mutual fund.
to each individual account shall
Home Ownership Made Easy
If you are unable to determine
be held in suspense until the final
Program (limited to income
determination is made as to whom
whether your income is taxable, you
earned on investments);
the account shall be paid;”
should contact the issuer of the
bond.
Illinois Development Finance
Income in the form of education
Income from bonds and notes either
Authority Act (pursuant to
loan repayments made for pri-
issued by, received from, or as the
Sections 7.80 - 7.87);
mary care physicians who agree
result of the following is exempt
to practice in designated shortage
from Illinois Income Tax:
areas for a specified period of
College Savings Programs
time under the terms of the
(limited to a maximum of $2,000
Illinois Housing Development
Family Practice Residency Act;
of income derived from invest-
Authority (except housing-
ments made by individuals);
related commercial facilities notes
Income earned by nuclear
and bonds);
decommissioning trusts
Quad Cities Interstate
established pursuant to
Metropolitan Authority (under
Export Development Act of
Section 8-508.1 of the Public
the Quad Cities Interstate Metro-
1983;
Utilities Act. The terms
politan Authority Act); and
“decommissioning trust” or
Page 3
PUB-101 (R-12/96)
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