[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ Engrossed ] | [ Enrolled ] |
| [ Senate Amendment 001 ] | [ Conference Committee Report 001 ] |
91_SB0338ham001
LRB9102972JSpcam03
1 AMENDMENT TO SENATE BILL 338
2 AMENDMENT NO. . Amend Senate Bill 338 on page 1,
3 line 12, by changing "(1)" to "(1) (a)"; and
4 on page 1, line 17, by deleting ", including interest,"; and
5 on page 1 by replacing lines 22 through 29 with the
6 following:
7 "payment of taxes, fees, or other charges already due, or
8 which may thereafter become due from that company until such
9 excess or excesses have been fully refunded, or upon a
10 written request from the authorized company, the Director
11 shall provide at his discretion, to make a cash refund within
12 120 days after receipt of the written request if all
13 necessary information has been filed with the Department in
14 order for it to perform an audit of the annual return for the
15 year in which the overpayment occurred or within 120 days
16 after the date the Department receives all the necessary
17 information to perform such audit. The Director shall not
18 provide a cash refund if there are insufficient funds in the
19 Insurance Premium Tax Refund Fund to provide a cash refund,
20 if the amount of the overpayment is less than $100, or if the
21 amount of the overpayment can be fully offset against the
22 taxpayer's estimated liability for the year following the
23 year of the cash refund request. Any cash refund shall be
-2- LRB9102972JSpcam03
1 paid from the Insurance Premium Tax Refund Fund, a special
2 fund hereby created in the State treasury.
3 (b) Beginning January 1, 2000 and thereafter, the
4 Department shall deposit a percentage of the amounts
5 collected under Sections 409, 444, and 444.1 of this Code
6 into the Insurance Premium Tax Refund Fund. The percentage
7 deposited into the Insurance Premium Tax Refund Fund shall be
8 the annual percentage. The annual percentage shall be
9 calculated as a fraction, the numerator of which shall be the
10 amount of cash refunds approved by the Director for payment
11 and paid during the preceding calendar year as a result of
12 overpayment of tax liability under Sections 409, 444, and
13 444.1 of this Code and the denominator of which shall be the
14 amounts collected pursuant to Sections 409, 444, and 444.1 of
15 this Code during the preceding calendar year. However, if
16 there were no cash refunds paid in a preceding calendar year,
17 the Department shall deposit 5% of the amount collected in
18 that preceding calendar year pursuant to Sections 409, 444,
19 and 444.1 of this Code into the Insurance Premium Tax Refund
20 Fund instead of an amount calculated by using the annual
21 percentage.
22 (c) Beginning July 1, 1999, moneys in the Insurance
23 Premium Tax Refund Fund shall be expended exclusively for the
24 purpose of paying cash refunds resulting from overpayment of
25 tax liability under Sections 409, 444, and 444.1 of this Code
26 as determined by the Director pursuant to subsection 1(a) of
27 this Section. Cash refunds made in accordance with this
28 Section may be made from the Insurance Premium Tax Refund
29 Fund only to the extent that amounts have been deposited and
30 retained in the Insurance Premium Tax Refund Fund.
31 (d) This Section shall constitute an irrevocable and
32 continuing appropriation from the Insurance Premium Tax
33 Refund Fund for the purpose of paying cash refunds pursuant
34 to the provisions of this Section."; and
-3- LRB9102972JSpcam03
1 on page 2 by deleting lines 1 through 33; and
2 on page 4 by inserting immediately below line 20 the
3 following:
4 "Section 99. Effective date. This Act takes effect upon
5 becoming law.".