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Illinois Compiled Statutes - Full Text
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(35 ILCS 405/4) (from Ch. 120, par. 405A-4)
Sec. 4.
Illinois generation-skipping transfer tax.
(a) Imposition of tax. An Illinois generation-skipping transfer tax is
imposed on every taxable transfer resulting in federal generation-skipping
transfer tax involving transferred property having a tax situs within the
State of Illinois.
(b) Amount of tax. The amount of the Illinois generation-skipping transfer
tax shall be the maximum state tax credit allowable with respect to the
taxable transfer, reduced by the lesser of:
(1) the amount of the state tax credit paid to any | ||
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(2) the amount determined by multiplying the maximum | ||
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(Source: P.A. 86-737.)
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