INSURANCE TAX REFUNDS
Synopsis of Bill as introduced:
Creates the Insurance Premium Tax Refund Act. Provides only a
SENATE AMENDMENT NO. 1.
Deletes reference to:
Adds reference to:
30 ILCS 105/5.490 new
215 ILCS 5/412 from Ch. 73, par. 1024
Replaces everything after the enacting clause. Amends the
Illinois Insurance Code. Sets forth the procedure for refunds of
overpayments of taxes paid by insurance companies. Amends the State
Finance Act to create the Insurance Premium Tax Refund Fund.
HOUSE AMENDMENT NO. 1.
Revises the procedure for paying refunds of premium tax
overpayments. Provides for refunds of retaliatory taxes to be paid
from the Insurance Premium Tax Refund Fund. Provides that a
percentage of moneys received as taxes by the Department of Insurance
shall be deposited each year into the Insurance Premium Tax Refund
Fund. Provides for a continuing appropriation to pay refunds from the
Fund. Effective immediately.
CONFERENCE COMMITTEE REPORT NO. 1.
Recommends that the Senate concur in H-am 1.
Recommends that the bill be further amended as follows:
Adds reference to:
35 ILCS 5/201 from Ch. 120, par. 2-201
Amends the Illinois Income Tax Act. Provides that in the case of
a foreign insurer, for certain taxable years, the sum of the rates of
the corporate income tax and the personal property tax replacement
income tax must be reduced to the rate of tax imposed on and measured
by net income by the state or country in which the insurer is
domiciled. Provides that the reduction may not reduce the sum of the
tax rates to an amount that causes the total amount of taxes due from
a foreign insurer for any taxable year to be less than the amount of
certain taxes plus 1.25% of the net taxable premiums written by the
insurer. Provides that the reduction may not result in the increase
of the sum of the rates of tax imposed on a foreign insurer. Sunsets
the provision on January 1, 2001.
Last action on Bill: PUBLIC ACT.............................. 91-0643
Last action date: 99-08-20
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1
END OF INQUIRY
Full Text Bill Status