91st General Assembly
Summary of SB1326
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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


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