Schedule UB / INS Tax for a Unitary Business Group With Foreign Insurer Members - Illinois

What Is Schedule UB/INS?

This is a legal form that was released by the Illinois Department of Revenue - a government authority operating within Illinois. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is a Unitary Business Group?A: A Unitary Business Group is a group of corporations that have interrelated operations and are sufficiently interdependent that they should be treated as a single unit for tax purposes.

Q: What is the UB/INS Tax in Illinois?A: The UB/INS Tax is the tax imposed on a Unitary Business Group with foreign insurer members in the state of Illinois.

Q: Who is subject to the UB/INS Tax in Illinois?A: A Unitary Business Group with one or more foreign insurer members that conducts business in Illinois is subject to the UB/INS Tax.

Q: How is the UB/INS Tax calculated?A: The UB/INS Tax is calculated based on the combined taxable income of the Unitary Business Group and the apportionment factor determined by the Illinois Department of Revenue.

Q: Are there any exemptions or deductions available for the UB/INS Tax?A: Yes, there are certain exemptions and deductions available for the UB/INS Tax. It is recommended to consult the Illinois Department of Revenue or a tax professional for specific details.

Q: When is the UB/INS Tax due?A: The UB/INS Tax is generally due on the same date as the Illinois income tax return, which is typically April 15th, unless an extension is granted.