The fall veto session is coming up in Springfield, and there are several bills the Illinois Treasurer's Office is keeping a close eye on. One bill deals with life insurance companies paying out death benefits after a policy holder passes away, with another focusing on businesses that incorporate over-seas receiving state contracts.
Illinois Treasurer Michael Frerichs appeared as a guest on the Newstalk WTIM Morning Show and says HB302 which was vetoed by Governor Rauner, would mandate life insurance companies notify the beneficiaries of purchased life insurance policies of their payout once the policy holder passes.
Another bill Frerichs is watching would make it so companies that incorporate over-seas to avoid paying taxes cannot in turn get a leg up on state contracts.
Frerichs explained how the bill wouldn't allow a company that is incorporated over-seas undercut an Illinois company on a state contract due to the lack of paying taxes.