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(320 ILCS 25/3.07)
(from Ch. 67 1/2, par. 403.07)
"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
(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.
(Source: P.A. 96-804, eff. 1-1-10.)