HB3448 EngrossedLRB099 10410 HLH 30637 b

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 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
9the Illinois transfer tax return shall be filed on the due date
10or dates, respectively, including extensions, for paying the
11federal transfer tax and filing the related federal return.
12    (b) Installment payments and deferral. In the event that
13any portion of the federal transfer tax is deferred or to be
14paid in installments under the provisions of the Internal
15Revenue Code, the portion of the Illinois transfer tax which is
16subject to deferral or payable in installments shall be
17determined by multiplying the Illinois transfer tax by a
18fraction, the numerator of which is the gross value of the
19assets included in the transferred property having a tax situs
20in this State and which give rise to the deferred or
21installment payment under the Internal Revenue Code, and the
22denominator of which is the gross value of all assets included
23in the transferred property having a tax situs in this State.

 

 

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1Deferred payments and installment payments, with interest,
2shall be paid at the same time and in the same manner as
3payments of the federal transfer tax are required to be made
4under the applicable Sections of the Internal Revenue Code,
5provided that the rate of interest on unpaid amounts of
6Illinois transfer tax shall be determined under this Act.
7Acceleration of payment under this Section shall occur under
8the same circumstances and in the same manner as provided in
9the Internal Revenue Code.
10    (c) Who shall file and pay. The Illinois transfer tax
11return (including any supplemental or amended return) shall be
12filed, and the Illinois transfer tax (including any additional
13tax that may become due) shall be paid by the same person or
14persons, respectively, who are required to pay the federal
15transfer tax and file the federal return, or who would have
16been required to pay a federal transfer tax and file a federal
17return if a federal transfer tax were due.
18    (d) Where to file return. The executed Illinois transfer
19tax return shall be filed with the Attorney General. In
20addition, for payments made prior to July 1, 2012, a copy of
21the Illinois transfer tax return shall be filed with the county
22treasurer to whom the Illinois transfer tax is paid, determined
23under subsection (e) of this Section, and, for payments made on
24or after July 1, 2012, a copy of the Illinois transfer tax
25return shall be filed with the State Treasurer.
26    (e) Where to pay tax. The Illinois transfer tax shall be

 

 

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1paid 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.

 

 

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1    (f) Forms; confidentiality. The Illinois transfer tax
2return shall be in all respects in the manner and form
3prescribed by the regulations of the Attorney General. At the
4same time the Illinois transfer tax return is filed, the person
5required to file shall also file with the Attorney General a
6copy of the related federal return. For individuals dying after
7December 31, 2005, in cases where no federal return is required
8to be filed, the person required to file an Illinois return
9shall also file with the Attorney General schedules of assets
10in the manner and form prescribed by the Attorney General. The
11Illinois transfer tax return and the copy of the federal return
12filed with the Attorney General, the county treasurer, or the
13State Treasurer shall be confidential, and the Attorney
14General, each county treasurer, and the State Treasurer and all
15of their assistants or employees are prohibited from divulging
16in any manner any of the contents of those returns, except only
17in a proceeding instituted under the provisions of this Act.
18    (g) County Treasurer shall accept payment. Prior to July 1,
192012, no county treasurer shall refuse to accept payment of any
20amount due under this Act on the grounds that the county
21treasurer has not yet received a copy of the appropriate
22Illinois transfer tax return.
23    (h) Beginning July 1, 2012, the State Treasurer shall not
24refuse to accept payment of any amount due under this Act on
25the grounds that the State Treasurer has not yet received a
26copy of the appropriate Illinois transfer tax return.

 

 

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1(Source: P.A. 97-732, eff. 6-30-12.)
 
2    Section 99. Effective date. This Act takes effect upon
3becoming law.