Illinois General Assembly - Bill Status for HB3548

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Bill Status of HB3548 99th General Assembly

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Short Description: INSURANCE TAX

House Sponsors
Rep. Elizabeth Hernandez

Last Action

Date	Chamber	Action
1/10/2017	House	Session Sine Die

Statutes Amended In Order of Appearance

New Act

30 ILCS 105/5.866 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.

House Committee Amendment No. 1
Removes provisions from the introduced bill providing that the tax shall be imposed on annuity premiums and considerations.

	State Mandates Fiscal Note, House Committee Amendment No. 1 (Dept. of Commerce & Economic Opportunity)
	This bill does not create a State mandate.

Fiscal Note, House Committee Amendment No. 1 (Dept. of Insurance)

As a result of the requirements brought about by this legislation, the Department would need to add, at minimum, one (1) full time position. This full time employee would be responsible for the administration and management of the funding and reimbursement issued to insurers as described in the legislation. Though no immediate need has been identified, additional staff may be required in the future. This position would be housed within the Department's Property and Casualty Division at a total cost to the Department of Insurance of approximately $155,700 for both personal services and related expenses and lower line item costs. The projected cost associated with these responsibilities is expected to be covered by Other, Dedicated State Funding.

Actions

Date	Chamber	Action
2/26/2015	House	Filed with the Clerk by Rep. Elizabeth Hernandez
2/26/2015	House	First Reading
2/26/2015	House	Referred to Rules Committee
3/10/2015	House	Assigned to Economic Development & Housing Committee
3/20/2015	House	To Single Family Homeownership Stability Subcommittee
3/23/2015	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Elizabeth Hernandez
3/23/2015	House	House Committee Amendment No. 1 Referred to Rules Committee
3/24/2015	House	House Committee Amendment No. 1 Rules Refers to Economic Development & Housing Committee
3/26/2015	House	Recommends Do Pass Subcommittee/ Economic Development & Housing Committee; 003-000-000
3/26/2015	House	Remains in Economic Development & Housing Committee
3/26/2015	House	House Committee Amendment No. 1 Adopted in Economic Development & Housing Committee; by Voice Vote
3/26/2015	House	Do Pass as Amended / Short Debate Economic Development & Housing Committee; 008-005-000
3/26/2015	House	Placed on Calendar 2nd Reading - Short Debate
4/15/2015	House	House Committee Amendment No. 1 Fiscal Note Requested as Amended by Rep. Ed Sullivan
4/15/2015	House	House Committee Amendment No. 1 State Mandates Fiscal Note Requested as Amended by Rep. Ed Sullivan
4/16/2015	House	House Committee Amendment No. 1 State Mandates Fiscal Note Filed as Amended
4/20/2015	House	House Committee Amendment No. 1 Fiscal Note Filed as Amended
4/22/2015	House	Second Reading - Short Debate
4/22/2015	House	Held on Calendar Order of Second Reading - Short Debate
4/24/2015	House	Rule 19(a) / Re-referred to Rules Committee
1/10/2017	House	Session Sine Die

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