Illinois Considers Tax Repeal for Captives

Overview


Matthew Boch said “it would be incredibly beneficial” if the Illinois legislature repealed a premium tax imposed on industrial insurer captive insurers, noting that “it would improve the business climate in Illinois and help attract and retain corporate headquarters in the State.” However, Mr. Boch cited a new governor and “a lot of fiscal stress” as reasons why repeal may not happen. Mary Kay Martire added that Illinois “has a history of passing legislation at the last minute, so we will likely need to wait until the end of the legislative session in late May or early June to see if the legislation is enacted.” Read the full article