ILLINOIS DEPARTMENT OF REVENUE 

                    DRAFT FORM 

Note: The draft you are looking for begins on the next page. 

Caution: DRAFT—NOT FOR FILING 

This is an early release draft of an Illinois Department of Revenue (IDOR) tax form or instructions, which 
IDOR is providing for substitute forms providers. Do not file draft forms and do not rely on draft forms 
and instructions for filing. We incorporate all significant changes to forms posted with this coversheet. 
However, unexpected issues occasionally arise, or legislation is passed—in this case, we will post a new 
draft of the form to alert users that changes were made to the previously posted draft.  

All forms and instructions have a page on our website at Tax Forms (illinois.gov) where you may see the 
final versions once they are released. Year-end income tax forms are usually released towards the end 
of January. 

If you wish, you can submit comments and questions to IDOR about draft or final forms and instructions 
at REV.VendorForms@illinois.gov. We will forward this information to the Office of Publications 
Management, where forms and publications are administered. 

IDR-1-DIS (N-08/23)          Printed by authority of State of Illinois, web only – one copy. 
 

                      Illinois Department of Revenue                                                             Year ending
                                                                      *33412191V*
              Schedule INS                                                                                                            ___  ___
                   Tax for Foreign Insurers                                                                                           Month   Year
            Attach to your Form IL-1120.  This schedule is for tax years ending on or after December 31, 2019.                        IL Attachment No.  7
                                                                                                                                                                            
_______________________________________________________                     ___  ___  -  ___  ___  ___  ___  ___  ___  ___
Enter your name as shown on your Form IL-1120.                              Enter your federal employer identification number (FEIN).

Step 1:  Figure the tax imposed by your state or country of domicile. 
           You must complete Steps 1 through 7 of your Form IL-1120 before completing this schedule.
  1   Enter your state or country of domicile.                        1  ______________________
  2   Enter the base income from your Form IL-1120, Line 23.                                                                      2  ______________________ 00
  3   Enter the net income from your Form IL-1120, Line 39.                                                                       3  ______________________ 00
  4   Compute the pro forma tax imposed by your state or country of domicile using the income TENTATIVE FINAL
      shown on Lines 2 and 3. If your state or country of domicile does not impose an income 
      tax on insurance companies, check the box and enter zero on this line.                                                      4  ______________________ 00
           The pro forma tax for Line 4 is the total of all tax measured by net income, less credits, imposed by your state or 
country of domicile, on an insurance company with base income (before apportionment) equal to Line 2 and net income (after 
apportionment) equal to Line 3. If you did not check the box on Line 4, attach completed copies of all forms necessary to 
support the computation of this amount.

Step 2:  Figure your income tax reduction limit.
  5   Enter the net premiums taxable under Section 409 of the Illinois Insurance Code 
      and included in your Form IL-1120, Step 4, Line 29.                                                                         5   ______________________ 00
   6  Multiply Line 5 by 1.75 percent (.0175). This is your total tax reduction limit.                                            6  ______________________ 00
   7  Enter the following amounts deducted when you computed this year’s federal taxable income:
     a     The privilege tax imposed under Section 409 of the Illinois
        Insurance Code. Do not include retaliatory tax.               7a ______________________ 00 
      b  The fire insurance company tax imposed under Section 12 
        of the Fire Investigation Act.                                7b ______________________ 00 
     c  Any fire department tax imposed under Section 11-10-1 
        of the Illinois Municipal Code.                               7c ______________________ 00 
   8  Add Lines 7a through 7c.                                                                                                    8  ______________________ 00
   9  Subtract Line 8 from Line 6. (If the amount is negative, enter zero.) 
      This is your 1.75 percent (.0175) income tax reduction limit. Enter here and on Line 14.                                    9  ______________________ 00

Step 3:  Figure your tax.
  10  Enter the replacement tax from your Form IL-1120, Line 44.                                                                  10  ______________________ 00
    11Enter the income tax from your Form IL-1120, Line 49.                                                                       11  ______________________ 00
    12Add Lines 10 and 11. This is your tentative tax.                                                                            12  ______________________ 00
13  Enter the amount of pro forma tax from Line 4.                                                                                13  ______________________ 00
 14  Enter the 1.75 percent (.0175) income tax reduction limit from Line 9.                                                       14  ______________________ 00
    15Enter the greater of Line 13 or Line 14.                                                                                    15  ______________________ 00
       If Line 15 is greater than Line 12, you are not entitled to a tax reduction. Do not use this schedule.
 16   Enter the lesser of Line 10 or Line 15.                                                                                     16  ______________________ 00
17    Subtract Line 16 from Line 10. This is your replacement tax reduction.
      Enter this amount on Form IL-1120, Step 8, Line 51.                                                                         17  ______________________ 00
18    If Line 15 is greater than Line 16, subtract Line 16 from Line 15. Otherwise, enter zero.
      This is your maximum net income tax after applying credits.                                                                 18  ______________________ 00
19  Enter the lesser of Line 11 or Line 18.                                                                                       19  ______________________ 00
20  Subtract Line 19 from Line 11.  This is your income tax reduction.
      Enter this amount on Form IL-1120, Step 8, Line 54.                                                                         20  ______________________ 00

                                           This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this 
          Schedule INS (IL-1120) (R-12/19) information is REQUIRED. Failure to provide information could result in a penalty.     Printed by the authority of the state of 
                                                                                                                                  Illinois - electronic only - one copy.