Senate Sponsors: PETERSON. House Sponsors: MOORE,ANDREA-MAUTINO 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 END OF INQUIRY Full Text Bill Status