Illinois General Assembly - Illinois Compiled Statutes

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35 ILCS 405/4

(35 ILCS 405/4) (from Ch. 120, par. 405A-4)

Sec. 4.

Illinois generation-skipping transfer tax.

(a) Imposition of tax.  An Illinois generation-skipping transfer tax is
imposed on every taxable transfer resulting in federal generation-skipping
transfer tax involving transferred property having a tax situs within the
State of Illinois.

(b) Amount of tax.  The amount of the Illinois generation-skipping transfer
tax shall be the maximum state tax credit allowable with respect to the
taxable transfer, reduced by the lesser of:

(1) the amount of the state tax credit paid to any

other state or states; and

(2) the amount determined by multiplying the maximum

state tax credit allowable with respect to the taxable transfer by the percentage which the gross value of the transferred property not having a tax situs in Illinois bears to the gross value of the total transferred property.

(Source: P.A. 86-737.)