Publication 101 - Income Exempt From Tax - Illinois Department Of Revenue Page 4
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4“trust” mean a fiduciary account
actual owner of the securities.
your Illinois Income Tax return. If
in a bank or other financial
Any tax benefit attributable to the
you have several items to report on
institution established to hold the
exempt income paid by the
one line, attach a list of these items
decommissioning funds provided
issuing authority accrues to the
to your return. You must specify the
by the Public Utilities Act for the
bank and not to you.
source and amount of each separate
eventual purpose of paying
type of income. Each item of income
decommissioning costs, which
being subtracted must be readily
shall be separate from all other
identifiable with those listed as
accounts and assets of the public
exempt from Illinois Income Tax in
utility establishing the trust.
this publication.
First, you must be sure that an item
call:
of income is included in your total
income on your Illinois Income Tax
1 800 732-8866, 217 782-3336, or
The following types of income are
return. Most items are automatically
our TDD-telecommunications device
not exempt from Illinois Income
included in your total Illinois income
for the deaf at 1 800 544-5304;
Tax:
because they are included in your
federal gross income, which is a part
write:
Income from securities commonly
of your total Illinois income. For
ILLINOIS DEPARTMENT OF REVENUE
known as GNMA “Pass-Through
example: interest on U.S. Treasury
PO BOX 19044
Securities” or GNMA “Mortgage-
notes is in your federal gross income
SPRINGFIELD IL 62794-9044;
Backed Securities” and income
and is, therefore, included in your
from debentures, notes, and bonds
total income on your Illinois Income
visit:
issued by the Federal National
Tax return.
Mortgage Association including
our Web site at
mortgage-backed bonds;
Other federally tax-exempt items
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that were not included on your
Accumulated interest on Internal
federal return must be included as
Revenue Service tax refunds;
an addition on your Illinois Income
Tax return in figuring your total
Income from U.S. securities
Illinois income. For example:
acquired by a taxpayer under a
interest from an Illinois Housing
repurchase agreement (repo) with
Development Authority bond
a bank or similar financial
(municipal interest) would not be
organization. Such agreements are
included in your federal gross
to be treated as loans. For
income, but must be included as an
example: You loan money to the
addition on your Illinois Income Tax
bank and receive interest in
return.
return. The securities subject to
repurchase by the bank serve as
Then, you must determine which
collateral for the loan. The bank
specific items of income are exempt
remains legally entitled to receive
from Illinois Income Tax and report
the interest payments from the
these items on the specified lines on
issuing authority and remains the
PRINTED ON RECYCLED PAPER - SOY-BASE INK
BY AUTHORITY OF THE STATE OF ILLINOIS
(6,000 copies - 12/96 - P.O. Number 54686)
Page 4
PUB-101 (R-12/96)
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