Illinois General Assembly - Full Text of Public Act 094-0419
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Public Act 094-0419


 

Public Act 0419 94TH GENERAL ASSEMBLY



 


 
Public Act 094-0419
 
HB1570 Enrolled LRB094 06099 RSP 36162 b

    AN ACT concerning revenue.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Illinois Estate and Generation-Skipping
Transfer Tax Act is amended by changing Section 3 as follows:
 
    (35 ILCS 405/3)  (from Ch. 120, par. 405A-3)
    Sec. 3. Illinois estate tax.
    (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.
    (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:
        (1) the amount of the state tax credit paid to any
    other state or states; and
        (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
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.
(Source: P.A. 93-30, eff. 6-20-03.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/2/2005