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Illinois Compiled Statutes

35 ILCS 5/202 (2026)

Net Income Defined

✓ current as of May 2026
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(35 ILCS 5/202) (from Ch. 120, par. 2-202)
    Sec. 202. Net Income Defined. In general. For purposes of this Act, a taxpayer's net income for a taxable year shall be that portion of his base income for such year which is allocable to this State under the provisions of Article 3, less the standard exemption allowed by Section 204 and the deduction allowed by Section 207.
(Source: P.A. 92-846, eff. 8-23-02.)

    
Notes of Decisions
Cited in 3 cases, 1998–2012 · leading case: Peoria & Pekin Union Ry. Co. v. Dep't of Revenue, 704 N.E.2d 884 (Ill. App. Ct. 1998).
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Peoria & Pekin Union Ry. Co. v. Dep't of Revenue, 704 N.E.2d 884 (Ill. App. Ct. 1998). · cites it 2× “35 ILCS 5/202 (West 1996). A corporation's base income is equal to its "taxable income" as modified by the Act.”
Hollinger Int'l, Inc. v. Bower, 841 N.E.2d 447 (Ill. App. Ct. 2005). “” 35 ILCS 5/202 (West 2000); Rockwood Holding Co.”
AT&T Teleholdings v. Dep't of Revenue, 2012 IL App (1st) 110493 (Ill. App. Ct. 2012). “35 ILCS 5/202 (West 2002). Base income, in turn, is defined as a corporation’s “taxable income” (35 ILCS 5/203(b)(1) (West 2002)), which is that taxpayer’s federal taxable income, with the modifications to such federal taxable income as mandated by section 203(b) of the Act,…”
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