Sec. 3.07. Income.

278 words·~1 min read·/il/chapter-320/act-25/3-07

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 3.07. Income. "Income" means adjusted gross income, properly reportable for federal income tax purposes under the provisions of the Internal Revenue Code, modified by adding thereto the sum of the following amounts to the extent deducted or excluded from gross income in the computation of adjusted gross income:

(A)An amount equal to all amounts paid or accrued as interest or dividends during the

taxable year;

(B)An amount equal to the amount of tax imposed by the Illinois Income Tax Act paid for

the taxable year;

(C)An amount equal to all amounts received during the taxable year as an annuity under

an annuity, endowment or life insurance contract or under any other contract or agreement;

(D)An amount equal to the amount of benefits paid under the Federal Social Security Act

during the taxable year;

(E)An amount equal to the amount of benefits paid under the Railroad Retirement Act

during the taxable year;

(F)An amount equal to the total amount of cash public assistance payments received from

any governmental agency during the taxable year other than benefits received pursuant to this Act;

(G)An amount equal to any net operating loss carryover deduction or capital loss

carryover deduction during the taxable year; and

(H)An amount equal to any benefits received under the Workers' Compensation Act or the

Workers' Occupational Diseases Act during the taxable year.

"Income" does not include any distributions or items of income described under subparagraph

(X)of paragraph

(2)of subsection

(a)of Section 203 of the Illinois Income Tax Act or any payments under Section 2201 or Section 2202 of the American Recovery and Reinvestment Act of 2009.