Full Text of HB3448 99th General Assembly
HB3448eng 99TH GENERAL ASSEMBLY |
| | HB3448 Engrossed | | LRB099 10410 HLH 30637 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 6 as follows:
| 6 | | (35 ILCS 405/6) (from Ch. 120, par. 405A-6)
| 7 | | Sec. 6. Returns and payments.
| 8 | | (a) Due Dates. The Illinois transfer
tax shall be paid and | 9 | | the Illinois transfer tax return shall be filed on
the due date | 10 | | or dates, respectively, including extensions, for paying the
| 11 | | federal transfer tax and filing the related federal return.
| 12 | | (b) Installment payments and deferral. In the event that | 13 | | any portion of
the federal transfer tax is deferred or to be | 14 | | paid in installments under
the provisions of the Internal | 15 | | Revenue Code, the portion of the Illinois
transfer tax which is | 16 | | subject to deferral or payable in installments shall
be | 17 | | determined by multiplying the Illinois transfer tax by a | 18 | | fraction, the
numerator of which is the gross value of the | 19 | | assets included in the
transferred property having a tax situs | 20 | | in this State and which give rise
to the deferred or | 21 | | installment payment under
the Internal Revenue Code, and the | 22 | | denominator of which is the gross value
of all assets included | 23 | | in the transferred property having a tax situs in
this State. |
| | | HB3448 Engrossed | - 2 - | LRB099 10410 HLH 30637 b |
|
| 1 | | Deferred payments and installment payments, with interest,
| 2 | | shall be paid at the same time and in the same manner as | 3 | | payments of the
federal transfer tax are required to be made | 4 | | under the applicable Sections
of the Internal Revenue Code, | 5 | | provided that the rate of interest on unpaid
amounts of | 6 | | Illinois transfer tax shall be determined under this Act.
| 7 | | Acceleration of payment under this Section shall occur under | 8 | | the same
circumstances and in the same manner as provided in | 9 | | the Internal Revenue Code.
| 10 | | (c) Who shall file and pay. The Illinois transfer tax | 11 | | return (including
any supplemental or amended return) shall be | 12 | | filed, and the Illinois
transfer tax (including any additional | 13 | | tax that may become due) shall be
paid by the same person or | 14 | | persons, respectively, who are required to pay
the federal | 15 | | transfer tax and file the federal return,
or
who would have | 16 | | been required to pay a federal transfer tax and file a
federal | 17 | | return if
a federal transfer tax were due.
| 18 | | (d) Where to file return. The executed Illinois transfer | 19 | | tax return
shall be filed with the Attorney General. In | 20 | | addition, for payments made prior to July 1, 2012, a copy of | 21 | | the
Illinois transfer tax return shall be filed with the county | 22 | | treasurer to
whom the Illinois transfer tax is paid, determined | 23 | | under subsection (e) of this
Section, and, for payments made on | 24 | | or after July 1, 2012, a copy of the
Illinois transfer tax | 25 | | return shall be filed with the State Treasurer.
| 26 | | (e) Where to pay tax. The Illinois transfer tax shall be |
| | | HB3448 Engrossed | - 3 - | LRB099 10410 HLH 30637 b |
|
| 1 | | paid according to the following rules:
| 2 | | (1) Illinois Estate Tax. Prior to July 1, 2012, the | 3 | | Illinois estate tax shall be paid to the
treasurer of the | 4 | | county in which the decedent was a resident on the date of
| 5 | | the decedent's death or, if the decedent was not a resident | 6 | | of this State
on the date of death, the county in which the | 7 | | greater part, by gross value,
of the transferred property | 8 | | with a tax situs in this State is located.
| 9 | | (2) Illinois Generation-Skipping Transfer Tax. Prior | 10 | | to July 1, 2012, the Illinois
generation-skipping transfer | 11 | | tax involving transferred property from or in
a resident | 12 | | trust shall be paid to the county treasurer for the county | 13 | | in
which the grantor resided at the time the trust became | 14 | | irrevocable (in the
case of an inter vivos trust) or the | 15 | | county in which the decedent resided
at death (in the case | 16 | | of a trust created by the will of a decedent).
In the case | 17 | | of an Illinois generation-skipping transfer tax involving
| 18 | | transferred property from or in a non-resident trust, the | 19 | | Illinois
generation-skipping transfer tax
shall
be paid to | 20 | | the county treasurer for the county in which the greater | 21 | | part,
by gross value, of the transferred property with a | 22 | | tax situs in this State is located.
| 23 | | (3) Payments on or after July 1, 2012. On or after July | 24 | | 1, 2012, both the Illinois estate tax and the Illinois | 25 | | generation-skipping transfer tax shall be paid directly to | 26 | | the State Treasurer. |
| | | HB3448 Engrossed | - 4 - | LRB099 10410 HLH 30637 b |
|
| 1 | | (f) Forms; confidentiality. The Illinois transfer tax | 2 | | return shall be
in all respects in the manner and form | 3 | | prescribed by the regulations of the
Attorney General. At the | 4 | | same time the Illinois transfer tax return is
filed, the person | 5 | | required to file shall also file with the Attorney
General a | 6 | | copy of the related federal return.
For individuals dying after | 7 | | December 31, 2005, in cases where no federal
return is
required | 8 | | to be filed, the person required to file an Illinois return | 9 | | shall also
file with the
Attorney General schedules of assets | 10 | | in the manner and form prescribed by the
Attorney
General.
The | 11 | | Illinois transfer tax
return and the copy of the federal return | 12 | | filed with the Attorney General, the
county treasurer, or the | 13 | | State Treasurer shall be confidential, and the Attorney | 14 | | General,
each county treasurer, and the State Treasurer and all | 15 | | of their assistants or employees are
prohibited from divulging | 16 | | in any manner any of the contents of those returns,
except
only | 17 | | in a proceeding instituted under the provisions of this Act.
| 18 | | (g) County Treasurer shall accept payment. Prior to July 1, | 19 | | 2012, no county treasurer shall
refuse to accept payment of any | 20 | | amount due under this Act on the grounds
that the county | 21 | | treasurer has not yet received a copy of the appropriate
| 22 | | Illinois transfer tax return.
| 23 | | (h) Beginning July 1, 2012, the State Treasurer shall not | 24 | | refuse to accept payment of any amount due under this Act on | 25 | | the grounds
that the State Treasurer has not yet received a | 26 | | copy of the appropriate
Illinois transfer tax return. |
| | | HB3448 Engrossed | - 5 - | LRB099 10410 HLH 30637 b |
|
| 1 | | (Source: P.A. 97-732, eff. 6-30-12.)
| 2 | | Section 99. Effective date. This Act takes effect upon | 3 | | becoming law.
|
|