Illinois Tax for Foreign Insurers

Tax for Foreign Insurers
Schedule INS, Tax for Foreign Insurers
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Illinois Department of Revenue	

Schedule INS

Tax for Foreign Insurers		

*33412191W*

Attach to your Form IL-1120. This schedule is for tax years ending on or after December 31, 2019.
_______________________________________________________	

Year ending

___ ___

Month Year
IL Attachment No. 7

___ ___ - ___ ___ ___ ___ ___ ___ ___

Enter your name as shown on your Form IL-1120.		

Enter your federal employer identification number (FEIN).

Step 1:		Figure the tax imposed by your state or country of domicile.
You must complete Steps 1 through 7 of your Form IL-1120 before	 completing this schedule.
	1	 Enter your state or country of domicile.		
1	______________________
	2	 Enter the base income from your Form IL-1120, Line 23.					
2	______________________ 00
	3	 Enter the net income from your Form IL-1120, Line 39.						
3	______________________ 00
	4	 Compute the pro forma tax imposed by your state or country of domicile using the income
shown on Lines 2 and 3. If your state or country of domicile does not impose an income
tax on insurance companies, check the box and enter zero on this line.
	4	______________________ 00
The pro forma tax for Line 4 is the total of all tax measured by net income, less credits, imposed by your state or
country of domicile, on an insurance company with base income (before apportionment) equal to Line 2 and net income (after
apportionment) equal to Line 3. If you did not check the box on Line 4, attach completed copies of all forms necessary to
support the computation of this amount.

Step 2:	 Figure your income tax reduction limit.
	5	 Enter the net premiums taxable under Section 409 of the Illinois Insurance Code
and included in your Form IL-1120, Step 4, Line 29.						

5	 ______________________ 00
6	______________________ 00

6	 Multiply Line 5 by 1.75 percent (.0175). This is your total tax reduction limit.			
7	 Enter the following amounts deducted when you computed this year’s federal taxable income:
	a	
The privilege tax imposed under Section 409 of the Illinois
			 Insurance Code. Do not include retaliatory tax.
7a	 ______________________ 00	

		 b	 The fire insurance company tax imposed under Section 12
			 of the Fire Investigation Act. 		
7b	 ______________________ 00	
	c	 Any fire department tax imposed under Section 11-10-1
of the Illinois Municipal Code.
7c	 ______________________ 00	

8	 Add Lines 7a through 7c.
9	 Subtract Line 8 from Line 6. (If the amount is negative, enter zero.)

8	______________________ 00

This is your 1.75 percent (.0175) income tax reduction limit. Enter here and on Line 14. 	

9	______________________ 00

Step 3:	 Figure your tax.
	10	
	11	
	12	
13	
	14	
	15	

10	______________________ 00
Enter the income tax from your Form IL-1120, Line 49.
11	______________________ 00
Add Lines 10 and 11. This is your tentative tax.						
12	______________________ 00
Enter the amount of pro forma tax from Line 4.						
13	______________________ 00
Enter the 1.75 percent (.0175) income tax reduction limit from Line 9.					
14	______________________ 00
Enter the greater of Line 13 or Line 14.						
15	______________________ 00
If Line 15 is greater than Line 12, you are not entitled to a tax reduction. Do not use this schedule.
	16	 Enter the lesser of Line 10 or Line 15.
16	______________________ 00
17	 Subtract Line 16 from Line 10. This is your replacement tax reduction.
Enter this amount on Form IL-1120, Step 8, Line 51.
17	______________________ 00
18	 If Line 15 is greater than Line 16, subtract Line 16 from Line 15. Otherwise, enter zero.
This is your maximum net income tax after applying credits.					
18	______________________ 00
19	 Enter the lesser of Line 11 or Line 18.
19	______________________ 00
20	 Subtract Line 19 from Line 11. This is your income tax reduction.
Enter this amount on Form IL-1120, Step 8, Line 54.						
20	______________________ 00
Enter the replacement tax from your Form IL-1120, Line 44.					

Schedule INS (IL-1120) (R-12/19)

This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this
information is REQUIRED. Failure to provide information could result in a penalty.

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