State of Illinois
92nd General Assembly
Legislation

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92_HB3761

 
                                               LRB9211514SMdv

 1        AN ACT in relation to taxes.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Illinois Estate  and  Generation-Skipping
 5    Transfer Tax Act is amended by changing Section 2 as follows:

 6        (35 ILCS 405/2) (from Ch. 120, par. 405A-2)
 7        Sec. 2.  Definitions.
 8        "Federal  estate  tax"  means  the  tax due to the United
 9    States with respect to a taxable transfer under Chapter 11 of
10    the Internal Revenue Code.
11        "Federal generation-skipping transfer tax" means the  tax
12    due  to  the United States with respect to a taxable transfer
13    under Chapter 13 of the Internal Revenue Code.
14        "Federal return" means the federal estate tax return with
15    respect to the federal  estate  tax  and  means  the  federal
16    generation-skipping  transfer  tax return with respect to the
17    federal generation-skipping transfer tax.
18        "Federal transfer tax" means the federal  estate  tax  or
19    the federal generation-skipping transfer tax.
20        "Illinois  estate  tax"  means  the tax due to this State
21    with respect to a taxable  transfer  that  gives  rise  to  a
22    federal estate tax.
23        "Illinois generation-skipping transfer tax" means the tax
24    due  to  this  State  with respect to a taxable transfer that
25    gives rise to a federal generation-skipping transfer tax.
26        "Illinois transfer tax" means the Illinois estate tax  or
27    the Illinois generation-skipping transfer tax.
28        "Internal Revenue Code" means, unless otherwise provided,
29    the  Internal  Revenue  Code of 1986, as amended from time to
30    time.
31        "Non-resident trust" means a trust that is not a resident
 
                            -2-                LRB9211514SMdv
 1    of this State for purposes of the Illinois Income Tax Act, as
 2    amended from time to time.
 3        "Person"  means  and  includes  any  individual,   trust,
 4    estate, partnership, association, company or corporation.
 5        "Qualified  heir"  means  a  qualified heir as defined in
 6    Section 2032A(e)(1) of the Internal Revenue Code.
 7        "Resident trust" means a trust that is a resident of this
 8    State for purposes of the Illinois Income Tax Act, as amended
 9    from time to time.
10        "State" means any state, territory or possession  of  the
11    United States and the District of Columbia.
12        "State  tax  credit"  means  the  credit  for  state  tax
13    allowable  under Section 2011 or Section 2604 of the Internal
14    Revenue Code as computed under the federal estate tax law  in
15    effect on December 31, 2000.
16        "Taxable  transfer"  means  an event that gives rise to a
17    state tax credit, including any credit allowable as a  result
18    of the imposition of an additional tax under Section 2032A(c)
19    of the Internal Revenue Code.
20        "Transferee"  means  a  transferee  within the meaning of
21    Section  2603(a)(1)  and  Section  6901(h)  of  the  Internal
22    Revenue Code.
23        "Transferred property" means:
24             (1)  With respect to a taxable transfer occurring at
25        the death of an individual that results in the imposition
26        of federal estate tax, the  deceased  individual's  gross
27        estate as defined in Section 2031 of the Internal Revenue
28        Code.
29             (2)  With respect to a taxable transfer occurring as
30        a  result  of a taxable termination as defined in Section
31        2612(a) of the Internal Revenue Code,  the taxable amount
32        determined under Section 2622(a) of the Internal  Revenue
33        Code.
34             (3)  With respect to a taxable transfer occurring as
 
                            -3-                LRB9211514SMdv
 1        a  result of a taxable distribution as defined in Section
 2        2612(b) of the Internal Revenue Code, the taxable  amount
 3        determined  under Section 2621(a) of the Internal Revenue
 4        Code.
 5             (4)  With respect  to  an  event  which  causes  the
 6        imposition  of  an  additional  estate  tax under Section
 7        2032A(c) of the Internal Revenue Code, the qualified real
 8        property that was disposed of or which ceased to be  used
 9        for  the  qualified  use,  within  the meaning of Section
10        2032A(c)(1) of the Internal Revenue Code.
11        "Trust" includes a trust as defined in Section 2652(b)(1)
12    of the Internal Revenue Code.
13    (Source: P.A. 86-737.)

14        Section 99.  Effective date.  This Act  takes  effect  on
15    January 1, 2003.

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