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Illinois Compiled Statutes

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Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

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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.)