House Sponsors: FEIGENHOLTZ. Short description: INHERITANCE TAXES-REINSTATE Synopsis of Bill as introduced: Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that "State tax credit" means the credit for state tax allowable under certain provisions of the Internal Revenue Code as computed under the federal estate tax law in effect on December 31, 2000 (now, allowable under those provisions of the Internal Revenue Code as amended from time to time). Effective January 1, 2003. FISCAL NOTE (Attorney General) The changes proposed by HB 3761 will have little impact on FY 2003 estate tax revenues because of the bill's effective date of January 1, 2003. The estate tax is generally paid nine months after death. Thus, for persons dying on January 1, 2003, the effects of the bill will not be seen until the beginning of the second quarter of FY 2004, on October 1, 2003. As a result the A.G. Office estimates that Illinois will still see a $139 million revenue loss in FY 2003. Even if the bill became effective on July 1, 2002, Illinois would still lose $92 million for FY 2003 since the proposed changes would have no effect on the estates of persons dying between January 1, 2002 and June 30, 2002. In FY 2004 and thereafter, the bill would have the intended effect of fully restoring revenue that otherwise would be lost. If the bill becomes law, the A.G. Office estimates that in FY 2004 it would save $240 million in estate tax revenues that will otherwise be lost. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status