Schedule Ins - Tax For Foreign Insurers
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1
2Tax for Foreign
Illinois Department of Revenue
Year ending
Schedule INS
____ ____
Insurers
Month
Year
Attach to your Form IL-1120. This schedule is for tax years ending on or after December 31, 2003
IL Attachment No. 7
Write your name as shown on your Form IL-1120.
Write your federal employer identifi cation 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
state or country:
Write your state or country of domicile.
______________
2
Write the base income from your Form IL-1120, Line 25.
2
_________________ 00
3
Write the net income from your Form IL-1120,
Line
41.
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 write 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. Attach completed copies of all forms necessary to support the computation of this amount.
Step 2: Figure your income tax reduction limit
5
Write the net premiums taxable under Section 409 of the Illinois Insurance Code
and included in your Form IL-1120, Line 30.
5
_________________ 00
6
Multiply Line 5 by 1.75% (.0175). This is your total tax reduction limit.
6
_________________ 00
7
Write the following amounts deducted when you computed this year’s federal taxable income:
a
The privilege tax imposed under Section 409 of the
7a
Illinois Insurance Code. Do not include retaliatory tax.
_________________ 00
b The fi re insurance company tax imposed under Section 12 of the
7b
Fire Investigation Act
_________________ 00
c
Any fi re department tax imposed under Section 11-10-1 of the
7c
Illinois Municipal Code
_________________ 00
8
Add Lines 7a through 7c.
8
_________________ 00
9
Subtract Line 8 from Line 6 (cannot be less than zero).
This is your 1.75 percent income tax reduction limit. Write here and on Line 14.
9
_________________ 00
Step 3: Figure your tax
10
Write the net replacement tax from your Form IL-1120,
Line 46.
10
_________________ 00
11
Write the net income tax from your Form IL-1120, Line 51.
11
_________________ 00
12
Add Lines 10 and 11. This is your tentative tax.
12
_________________ 00
13
1
Write the amount of pro forma tax from Line 4.
3
_________________ 00
14
1
Write the 1.75 percent income tax reduction limit from Line 9.
4
_________________ 00
15
15
Write the greater of Line 13 or Line 14.
_________________ 00
If Line 15 is greater than Line 12, you are not entitled to a tax reduction. Do not use this schedule.
16
Write the lesser of Line 10 or Line 15. This is your replacement tax.
16
Write this amount here and on your Form IL-1120, Line 52.
_________________ 00
17
If Line 15 is greater than Line 16, subtract Line 16 from Line 15. Otherwise, write zero.
17
This is your maximum net income tax after applying credits.
_________________ 00
18
Write the lesser of Line 11 or Line 17. This is your net income tax after applying credits.
18
Write the result here and on your Form IL-1120, Line 53.
_________________ 00
19
Add Lines 16 and 18. This is your total net income and replacement tax.
19
Write this amount on your Form IL-1120, Line 54.
_________________ 00
*933401110*
Schedule INS front (IL-1120) (R-12/09)
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