91st General Assembly
Summary of SB0665
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
Senate Sponsors:

House Sponsors:

Short description: 
INC TX-ATTORNEY-IN-FACT-INSURE                                             

Synopsis of Bill as introduced:
        Amends  the  Illinois  Income  Tax   Act.    Provides   that   an      
   attorney-in-fact  for  a reciprocal insurer or interinsurance exchange      
   that has made an election under  Internal  Revenue  Code  Section  835      
   shall  be deemed not to be doing business in the State with respect to      
   activities as an attorney-in-fact.  Provides that any income earned by      
   the  attorney-in-fact  on  non-attorney-in-fact  business  that  would      
   otherwise be subject to taxation in the State shall be included in the      
   income of the reciprocal insurer or interinsurance exchange.  Provides      
   that  an  attorney-in-fact  for  a  reciprocal  insurance  exchange is      
   included in the unitary business group  that  includes  the  exchange.      
   Effective immediately.                                                      
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          35 ILCS 5/201                                                        
          35 ILCS 5/1501                                                       
          Adds reference to:                                                   
          35 ILCS 5/203                   from Ch. 120, par. 2-203             
        Deletes everything.  Amends the Illinois Income Tax Act.   Grants      
   a  deduction in the amount equal to the excess, if any, of the amounts      
   paid or incurred by  an  interinsurer  or  reciprocal  insurer  to  an      
   attorney-in-fact  over  the  deduction allowed under Section 835(b) of      
   the federal Internal Revenue Code.  Effective immediately.                  
Last action on Bill: PUBLIC ACT.............................. 91-0205

   Last action date: 99-07-20

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


 Full Text  Bill Status