Bill Status of HB 3548   99th General Assembly

Short Description:  INSURANCE TAX

House Sponsors
Rep. Elizabeth Hernandez

Last Action  View All Actions

DateChamber Action
  1/10/2017HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
30 ILCS 105/5.866 new

Synopsis As Introduced
Creates the Insurance Premium Tax Act. Imposes a tax on each authorized domestic, foreign, or alien insurer engaged in the business of entering into contracts of insurance or annuity in the State in an amount equal to 1.3% of the premiums and fees charged for those insurance policies. Provides that the proceeds from the tax shall be deposited into the Flood Catastrophe Fund and shall be used by the Department of Insurance for the purpose of providing reimbursement to insurers for a portion of their catastrophic losses due to flooding. Amends the State Finance Act to create the Flood Catastrophe Fund. Effective immediately.

House Committee Amendment No. 1
Removes provisions from the introduced bill providing that the tax shall be imposed on annuity premiums and considerations.

 State Mandates Fiscal Note, House Committee Amendment No. 1 (Dept. of Commerce & Economic Opportunity)
 This bill does not create a State mandate.

 Fiscal Note, House Committee Amendment No. 1 (Dept. of Insurance)
 As a result of the requirements brought about by this legislation, the Department would need to add, at minimum, one (1) full time position. This full time employee would be responsible for the administration and management of the funding and reimbursement issued to insurers as described in the legislation. Though no immediate need has been identified, additional staff may be required in the future. This position would be housed within the Department's Property and Casualty Division at a total cost to the Department of Insurance of approximately $155,700 for both personal services and related expenses and lower line item costs. The projected cost associated with these responsibilities is expected to be covered by Other, Dedicated State Funding.

Actions 
DateChamber Action
  2/26/2015HouseFiled with the Clerk by Rep. Elizabeth Hernandez
  2/26/2015HouseFirst Reading
  2/26/2015HouseReferred to Rules Committee
  3/10/2015HouseAssigned to Economic Development & Housing Committee
  3/20/2015HouseTo Single Family Homeownership Stability Subcommittee
  3/23/2015HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Elizabeth Hernandez
  3/23/2015HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/24/2015HouseHouse Committee Amendment No. 1 Rules Refers to Economic Development & Housing Committee
  3/26/2015HouseRecommends Do Pass Subcommittee/ Economic Development & Housing Committee; 003-000-000
  3/26/2015HouseRemains in Economic Development & Housing Committee
  3/26/2015HouseHouse Committee Amendment No. 1 Adopted in Economic Development & Housing Committee; by Voice Vote
  3/26/2015HouseDo Pass as Amended / Short Debate Economic Development & Housing Committee; 008-005-000
  3/26/2015HousePlaced on Calendar 2nd Reading - Short Debate
  4/15/2015HouseHouse Committee Amendment No. 1 Fiscal Note Requested as Amended by Rep. Ed Sullivan
  4/15/2015HouseHouse Committee Amendment No. 1 State Mandates Fiscal Note Requested as Amended by Rep. Ed Sullivan
  4/16/2015HouseHouse Committee Amendment No. 1 State Mandates Fiscal Note Filed as Amended
  4/20/2015HouseHouse Committee Amendment No. 1 Fiscal Note Filed as Amended
  4/22/2015HouseSecond Reading - Short Debate
  4/22/2015HouseHeld on Calendar Order of Second Reading - Short Debate
  4/24/2015HouseRule 19(a) / Re-referred to Rules Committee
  1/10/2017HouseSession Sine Die

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