IL SB3366

Amends Section 409 of the Illinois Insurance Code to change the reference for calculating income tax credits from "subsections (a) through (d) of Section 201" to "Sections 601 and 803" of the Illinois Income Tax Act.

Modifies Section 444 (Retaliation) to specify that Illinois corporate income taxes are calculated on a "cash basis" and paid during the calendar year for which the retaliatory tax calculation is being made.

Allows recapture of Illinois corporate income tax cash refunds in retaliatory tax calculations, limited to the amount necessary to equalize the Illinois basis with the state of incorporation basis, provided the refund was previously reported as part of the Illinois basis in a prior year.

Changes the language in Section 444 from "imposed" to "paid" when referring to Illinois corporate income taxes included in the retaliation calculation.

Takes effect upon becoming law.