ILLINOIS ENTERPRISE ZONE PROGRAM
TAX QUESTIONS AND
ANSWERS
INCOME TAX DEDUCTION FOR FINANCIAL INSTITUTIONS
The Illinois Income Tax Act 35 ILCS 5/203 provides that financial
institutions in Illinois, such as banks and savings and loans, are eligible for
a special deduction from their Illinois corporate income tax return. Such
institutions may deduct from their taxable income an amount equal to the
interest received from a loan for development in an enterprise zone. This is
limited to the interest earned on loans or portions of loans secured by property
which is eligible for the enterprise zone investment tax credit, described on
Page 2 of this publication. Please refer to the section on the investment tax
credit for a definition of eligible property.
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