|
|
|
|
HB1570 Enrolled |
|
LRB094 06099 RSP 36162 b |
|
|
| 1 |
| AN ACT concerning revenue.
|
| 2 |
| Be it enacted by the People of the State of Illinois,
|
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Illinois Estate and Generation-Skipping |
| 5 |
| Transfer Tax Act is amended by changing Section 3 as follows:
|
| 6 |
| (35 ILCS 405/3) (from Ch. 120, par. 405A-3)
|
| 7 |
| Sec. 3. Illinois estate tax.
|
| 8 |
| (a) Imposition of Tax. An Illinois estate tax is imposed on |
| 9 |
| every
taxable transfer
involving transferred
property having a |
| 10 |
| tax situs within the State of Illinois.
|
| 11 |
| (b) Amount of tax. On estates of persons dying before |
| 12 |
| January 1, 2003, the
The amount of the Illinois estate tax |
| 13 |
| shall be the state
tax credit, as defined in Section 2 of this |
| 14 |
| Act, with respect to the taxable
transfer
reduced by the lesser |
| 15 |
| of:
|
| 16 |
| (1) the amount of the state tax credit paid to any |
| 17 |
| other state or states;
and
|
| 18 |
| (2) the amount determined by multiplying the maximum |
| 19 |
| state tax
credit allowable with respect to the taxable |
| 20 |
| transfer
by the percentage which the gross
value of the |
| 21 |
| transferred property not having a tax situs in Illinois |
| 22 |
| bears
to the gross value of the total transferred property. |
| 23 |
| (c) On estates of persons dying on or after January 1, |
| 24 |
| 2003, the amount of the Illinois estate tax shall be the state
|
| 25 |
| tax credit, as defined in Section 2 of this Act, reduced by the |
| 26 |
| amount determined by multiplying the state tax
credit with |
| 27 |
| respect to the taxable transfer
by the percentage which the |
| 28 |
| gross
value of the transferred property not having a tax situs |
| 29 |
| in Illinois bears
to the gross value of the total transferred |
| 30 |
| property.
|
| 31 |
| (Source: P.A. 93-30, eff. 6-20-03.)
|
| 32 |
| Section 99. Effective date. This Act takes effect upon |
Translate
