Illinois Governor Signs Important Tax Measure

Illinois Gov. George Ryan has signed a tax measure designed to repeal the sunset on last year’s insurance tax changes. The legislation will allow foreign insurer income taxes to be the lesser of the Illinois rate or the state of domicile.

“This legislation was extremely important to AIA and the entire insurance industry and we are pleased the governor recognized its significance,” said Paul C. Blume Jr., American Insurance Association vice president, Midwest region. “Its enactment will continue the favorable insurance environment that both Illinois insurance consumers and companies currently enjoy.”