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

 

 

HB1570 Enrolled - 2 - LRB094 06099 RSP 36162 b

1 becoming law.