Illinois Tax Talk: Apportioning Insurance Company Income
By Christopher Lutz (November 28, 2018, 12:37 PM EST) -- In a previous article, we addressed the basics of Illinois corporate income tax apportionment. We also addressed how while most corporations are required to follow the standard statutory formula, the state imposes unique rules on a number of industries, including financial organizations. In addition to financial organization, insurance companies must also apportion their income to Illinois according to special rules. As with financial organizations, beginning with the tax year ending Dec. 31, 2017, insurance companies must be included in the combined return with the entire unitary business group.
Identifying Financial Organizations
Insurance companies are defined as "any taxpayer properly treated as an...
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