HB0530 94TH GENERAL ASSEMBLY

LRB094 06330 BDD 36405 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB0530

Introduced 01/27/05, by Rep. Patricia Reid Lindner

SYNOPSIS AS INTRODUCED:

35 ILCS 405/19 new

Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that for taxable transfers occurring on or after July 1, 2005, no tax shall be imposed or collected under the Act. Effective July 1, 2005.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning taxes.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Estate and Generation-Skipping Transfer Tax Act is amended by adding Section 19 as follows:

(35 ILCS 405/19 new)

Sec. 19. No tax imposed beginning on July 1, 2005. For taxable transfers occurring on or after July 1, 2005, no tax shall be imposed or collected under this Act.

Section 99. Effective date. This Act takes effect on July 1, 2005.