Schedule Ins - Tax For Foreign Insurers (Page 2 of 2) in pdf

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Schedule INS Instructions

Speciﬁ c Instructions

General Information

You must complete Form IL-1120, Corporation Income

What is the purpose of Schedule INS?

and Replacement Tax Return, Steps 1 through 7 before

The purpose of Schedule INS, Tax for Foreign Insurers,

completing this schedule.

is to allow you to possibly reduce your Illinois income and

Step 1 is used to report the income tax (or other tax based on

replacement tax liability. Effective for tax years ending on

net income) your state or country of domicile would impose on

or after December 31, 1999, if you are a foreign insurer,

your Illinois net income.

whose state or country of domicile imposes a retaliatory tax

on insurers domiciled in Illinois, you should complete this

Step 2 is used to ﬁ gure your 1.75 percent income tax

schedule to determine if it would reduce your tax liability. The

reduction limit.

rates are reduced to the point that the total Illinois tax imposed

Step 3 is used to determine whether your liability can be

equals the tax the state or country of domicile would impose

reduced and, if so, the level to which your liability is reduced.

on the amount of your Illinois net income.

What must I attach to Schedule INS?

Do not complete this schedule if 50 percent or more

If you do not check the box on Line 4, you must attach a pro

of your total insurance premiums for the tax year are from

forma return from your state or country of domicile, showing

reinsurance. This reduction in rates does not apply to you if

the amount of tax you would owe to that state or country on

you are primarily a reinsurer.

your Illinois net income.

The reduction in tax rates cannot reduce the total of your

income and replacement taxes, privilege tax, ﬁ re insurance

What if I need additional assistance?

taxes, and ﬁ re department taxes below 1.75 percent of your

If you need additional assistance,

premiums subject to privilege tax. The rate reduction is applied

• visit our web site at tax.illinois.gov;

against income tax ﬁ rst. Once your income tax is reduced to

• call our Taxpayer Assistance Division, at 1 800 732-8866 or

zero, the rate reduction is applied against replacement tax.

217 782-3336;

If you are a member of a unitary business group, you must

• call our TDD (telecommunications device for the deaf) at

complete Schedule UB/INS, Tax for a Unitary Business Group

1 800 544-5304; or

with Foreign Insurer Members.

• write to us at P .O. Box 19044, Springﬁ eld, Illinois 62794-9044.

Our ofﬁ ce hours are 8 a.m. to 5 p.m., Monday through Friday.

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. This form has been approved by the Forms Management Center.

IL-492-3966

Schedule INS back (IL-1120) (R-12/09)

Schedule Ins - Tax For Foreign Insurers Page 2

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