|Income Tax Exemption|
|Illinois law exempts the income of nonprofit hospitals from state income tax.
Illinois law exempts from state income tax the income of charitable or similar organizations that are exempt from federal income tax. 35 ILCS 5/205(a) (2011).
For-profit hospitals are eligible to receive an income tax credit in an amount that is the lesser of a) real property taxes paid during the tax year on property used for hospital purposes during the previous tax year and b) the cost of free or discounted services provided pursuant to the hospital’s financial assistance policy. 35 ILCS 5/223(a) (2012).