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 Bill Status of HB3078  100th General Assembly


Short Description:  INSURANCE TAX

House Sponsors
Rep. Elizabeth Hernandez

Last Action
DateChamber Action
  3/31/2017HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
New Act
30 ILCS 105/5.878 new


Synopsis As Introduced
Creates the Insurance Premium Tax Act. Imposes a tax on each authorized domestic, foreign, or alien insurer engaged in the business of entering into contracts of insurance or annuity in the State in an amount equal to 1.3% of the premiums and fees charged for those insurance policies. Provides that the proceeds from the tax shall be deposited into the Flood Catastrophe Fund and shall be used by the Department of Insurance for the purpose of providing reimbursement to insurers for a portion of their catastrophic losses due to flooding. Amends the State Finance Act to create the Flood Catastrophe Fund. Effective immediately.

Actions 
DateChamber Action
  2/9/2017HouseFiled with the Clerk by Rep. Elizabeth Hernandez
  2/9/2017HouseFirst Reading
  2/9/2017HouseReferred to Rules Committee
  2/22/2017HouseAssigned to Insurance: Property & Casualty Committee
  3/31/2017HouseRule 19(a) / Re-referred to Rules Committee

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