97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB3829

 

Introduced 10/19/2011, by Rep. Jerry L. Mitchell

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 405/7  from Ch. 120, par. 405A-7

    Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that interest upon the refund of any overpayment under the Act is allowed and shall be paid as provided in the Uniform Penalty and Interest Act. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Estate and Generation-Skipping
5Transfer Tax Act is amended by changing Section 7 as follows:
 
6    (35 ILCS 405/7)  (from Ch. 120, par. 405A-7)
7    Sec. 7. Supplemental returns; refunds.
8    (a) Supplemental returns. If the State tax credit is
9increased after the filing of the Illinois transfer tax return,
10the person or persons required to file the Illinois transfer
11tax return and pay the Illinois transfer tax shall file a
12supplemental Illinois transfer tax return. The supplemental
13return shall be filed and the additional tax shall be paid in
14the same place and manner as provided in Section 6 of this Act.
15The due date for the supplemental return and for the payment of
16the additional tax reported in the supplemental return shall be
17no later than 3 months after the earliest of:
18        (1) the date an amended federal return is filed;
19        (2) the date an increase in the federal transfer tax is
20    paid or accepted in writing;
21        (3) the date the Internal Revenue Service issues a
22    request for evidence of payment of the State tax credit; or
23        (4) the date that any increase to the taxable estate is

 

 

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1    discovered;
2provided that if the federal transfer tax may be deferred or
3paid in installments, then part or all of the additional
4Illinois transfer tax may be deferred or paid in installments
5under rules consistent with subsection (b) of Section 6 of this
6Act.
7    (b) Refunds. If the state tax credit is reduced after the
8filing of the Illinois transfer tax return, the person who paid
9the Illinois transfer tax (or the person upon whom the burden
10of payment fell) shall file an amended Illinois transfer tax
11return and shall be entitled to a refund of tax or interest
12paid on the Illinois transfer tax. Interest upon the refund of
13any overpayment of the tax imposed by this Act shall be allowed
14and paid in the manner and at the rate prescribed in Section
153-2 of the Uniform Penalty and Interest Act No interest shall
16be paid on any amount refunded.
17(Source: P.A. 93-30, eff. 6-20-03.)
 
18    Section 99. Effective date. This Act takes effect upon
19becoming law.