(35 ILCS 405/3) (from Ch. 120, par. 405A-3)
Sec. 3. Illinois estate tax.
(a) Imposition of Tax. An Illinois estate tax is imposed on every
taxable transfer
involving transferred
property having a tax situs within the State of Illinois.
(b) Amount of tax. On estates of persons dying before January 1, 2003, the amount of the Illinois estate tax shall be the state
tax credit, as defined in Section 2 of this Act, 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 |
(c) On estates of persons dying on or after January 1, 2003, the amount of the Illinois estate tax shall be the state
tax credit, as defined in Section 2 of this Act, reduced by the amount determined by multiplying the state tax
credit 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. 93-30, eff. 6-20-03; 94-419, eff. 8-2-05.)
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