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The political organization taxable income equals its gross income (excluding exempt function income) less deductions allowed by the Code that are directly connected with producing gross income (excluding exempt function income), computed with certain modifications set forth in 527, including a specific deduction of
Who has to file Form 1120-POL? A political organization with taxable income after taking the $100 specific deduction for the taxable year must file Form 1120-POL.
Corporations must complete Form IL-1120. Computer generated forms from an IDOR-approved software developer are acceptable. 2024 Form IL-1120 is for tax years ending on or after December 31, 2024, and before December 31, 2025.
Unless exempt under section 501, all domestic corporations (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. Domestic corporations must file Form 1120, unless they are required, or elect to file a special return.
This tax replaces money lost by local governments when their power to impose personal property taxes was taken away. Replacement tax is collected from corporations, subchapter S corporations, partnerships, and trusts by the State of Illinois and paid to local governments.

People also ask

All domestic corporations must file tax form 1120, even if they dont have taxable income. Corporations exempt under section 501 (see below) do not need to file tax Form 1120.
If you lived in Iowa, Kentucky, Wisconsin, or Michigan and worked in Illinois you must file an Illinois tax return if: You received income from sources other than wages, salaries and tips. You want a refund of any Illinois tax withheld.

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