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Public Act 094-0419
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| HB1570 Enrolled |
LRB094 06099 RSP 36162 b |
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Estate and Generation-Skipping |
Transfer Tax Act is amended by changing Section 3 as follows:
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(35 ILCS 405/3) (from Ch. 120, par. 405A-3)
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Sec. 3. Illinois estate tax.
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(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.
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(b) Amount of tax. On estates of persons dying before |
January 1, 2003, the
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:
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(1) the amount of the state tax credit paid to any |
other state or states;
and
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(2) the amount determined by multiplying the maximum |
state tax
credit allowable 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. |
(c) On estates of persons dying on or after January 1, |
2003, the amount of the Illinois estate tax shall be the state
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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.
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(Source: P.A. 93-30, eff. 6-20-03.)
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Section 99. Effective date. This Act takes effect upon |