91st General Assembly
Summary of SB0338
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House Sponsors:

Short description: 
INSURANCE TAX REFUNDS                                                      

Synopsis of Bill as introduced:
        Creates the Insurance Premium Tax Refund Act.   Provides  only  a      
   short title.                                                                
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          New Act                                                              
          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

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   1


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