Senate Sponsors: PETERSON-PARKER. House Sponsors: MAUTINO-LINDNER-PARKE-MCKEON-BLACK Short description: INCOME TAX-FOREIGN INSURERS Synopsis of Bill as introduced: Amends the Illinois Income Tax Act in provisions concerning a rate reduction for certain foreign insurers. In language excluding certain insurers from these provisions, provides that premiums from reinsurance do not include premiums from inter-affiliate reinsurance arrangements (now reinsurance premiums do not include assumed premiums from inter-affiliate pooling arrangements). Removes language eliminating these rate reduction provisions for tax years ending on or after January 1, 2001. Exempts the rate reduction from the sunset provisions. Effective immediately. SENATE AMENDMENT NO. 1. Provides that for purposes of the subdivision concerning certain foreign insurers, an inter-affiliate includes a mutual insurer under common management. Last action on Bill: PUBLIC ACT.............................. 91-0860 Last action date: 00-06-22 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status