Illinois Tax for a Unitary Business Group with Foreign Insurer Members
Extracted from PDF file 2019-illinois-schedule-ub-ins.pdf, last modified September 2019
Tax for a Unitary Business Group with Foreign Insurer MembersIllinois Department of Revenue Schedule UB/INS Instructions Specific Instructions General Information What is the purpose of Schedule UB/INS? If a specific line is not referenced, follow the instructions on the form. The purpose of Schedule UB/INS, Tax for a Unitary Business Group with Foreign Insurer Members, is to allow your foreign insurer members to possibly reduce the unitary group’s Illinois income and replacement tax liability. Effective for tax years ending on or after December 31, 1999, if a member of your unitary group is a foreign insurer whose state or country of domicile imposes a retaliatory tax on insurers domiciled in Illinois, you should complete this schedule to determine if it would reduce your unitary group’s tax liability. The rates are reduced to the point that the total Illinois tax imposed equals the tax the state or country of domicile would impose on the amount of your foreign insurer members’ Illinois net income. This reduction in rates does not apply to an insurer that is primarily a reinsurer. If 50 percent or more of a foreign member’s total insurance premiums for the tax year are from reinsurance, treat that member as a domestic member on this schedule. The reduction in tax rates cannot reduce the total of your foreign insurer members’ income and replacement taxes, privilege tax, fire insurance taxes, and fire department taxes below 1.75 percent of your foreign insurer members’ premiums subject to privilege tax. The rate reduction is applied against income tax first. Once your group’s income tax is reduced to zero, the rate reduction is applied against your group’s replacement tax. Before you can complete Schedule UB/INS, you must first complete What forms must I use? In general, you must obtain and use forms prescribed by the Illinois Department of Revenue (IDOR). Separate statements not on forms provided or approved by IDOR will not be accepted and you will be asked for appropriate documentation. Failure to comply with this requirement may result in failure to file penalties, a delay in the processing of your return, or a delay in the generation of any refund. Additionally, failure to submit appropriate documentation when requested may result in a referral to our Audit Bureau for compliance action. Should I round? You must round the dollar amounts on Schedule UB/INS to wholedollar amounts. To do this, you should drop any amount less than 50 cents and increase any amount of 50 cents or more to the next higher dollar. What if I need additional assistance or forms? • Visit our website at tax.illinois.gov for assistance, forms or schedules. • Write us at ILLINOIS DEPARTMENT OF REVENUE P.O. BOX 19001 SPRINGFIELD, IL 62794-9001 • Call 1 800 732‑8866 or 217 782-3336 (TDD, telecommunications device for the deaf, at 1 800 544-5304) • Visit a taxpayer assistance office - 8:00 a.m. to 5:00 p.m. (Springfield Office) and 8:30 a.m. to 5:00 p.m. (all other offices), Monday through Friday. • Steps 1 through 7 of your Form IL-1120, Corporation Income and Replacement Tax Return, and • all steps of your Schedule UB, Combined Apportionment for Unitary Business Group. Use additional Schedules UB/INS if you have more than three foreign insurer members. Step 1 is used to determine each foreign insurer member’s share of the total tax liability and credits of the unitary business group. Lines 1, 2b, 7, 9, 14, and 17 — For each column, follow the instructions on the form. Step 2 is used to report the income tax (or other tax based on net income) the state or country of domicile would impose on each foreign insurer member’s Illinois net income. This is figured by using the total of all tax measured by net income, less credits, imposed by the foreign insurer member’s state or country of domicile on an insurance company with • base income (before apportionment) equal to the foreign insurer member’s share of base income on Line 24, and • net income (after apportionment) equal to the foreign insurer member’s share of net income on Line 23. Lines 22 — For each column, follow the instructions on the form. Step 3 is used to figure your foreign insurer member’s 1.75 (.0175) percent income tax reduction limit. Lines 28a, 28b, and 28c — Do not include any amount on Lines 28b or 28c if you already deducted that amount on Line 28a. Step 4 is used to determine whether a foreign insurer member’s liability can be reduced and, if so, the level to which the liability is reduced. This section determines the total liabilities and credits of all foreign members. Steps 5 and 6 are used to determine all the other members’ share of the total tax liability and credits of your unitary group. The other members of your group include all of the domestic insurer members of your unitary group and all the members of your unitary group that are not insurance companies. These amounts are added to your foreign insurer members’ tax liabilities and credits to figure your unitary group’s total tax liability and credits. What must I attach to Schedule UB/INS? For each foreign insurer member for whom you did not check the box on Line 25, you must attach a pro forma return from that member’s state or country of domicile, showing the amount of tax that member would owe to that state or country on its share of your unitary group’s Illinois net income. Schedule UB/INS Instructions (IL-1120) (R-12/19) Printed by the authority of the State of Illinois - Web only, One copy
2019 Schedule UB/INS Instructions
More about the Illinois Schedule UB-INS Corporate Income Tax
We last updated the Tax for a Unitary Business Group with Foreign Insurer Members in March 2020, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Illinois Department of Revenue. You can print other Illinois tax forms here.
Related Illinois Corporate Income Tax Forms:
|Form Code||Form Name|
|Schedule UB-NLD||Unitary Illinois Net Loss Deduction [OBSOLETE]|
|Schedule UB||Combined Apportionment for Unitary Business Group|
Illinois usually releases forms for the current tax year between January and April. We last updated Illinois Schedule UB-INS from the Department of Revenue in March 2020.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Illinois Schedule UB-INS
We have a total of five past-year versions of Schedule UB-INS in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2019 Schedule UB/INS Instructions
2018 IL-1120 Schedule UB/INS, Tax for a Unitary Business Group with Foreign Insurer Members
2017 IL-1120 Schedule UB/INS, Tax for a Unitary Business Group with Foreign Insurer Members
2016 Schedule UB/INS, Tax for a Unitary Business Group with Foreign Insurer Members
(2015) (IL-1120) Schedule UB/INS, Tax for a Unitary Business Group with Foreign Insurer Members
While we do our best to keep our list of Illinois Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.