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Revenue Committee
Adopted in House Comm. on Mar 03, 2005
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09400HB1570ham001 |
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LRB094 06099 BDD 42944 a |
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| AMENDMENT TO HOUSE BILL 1570
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| AMENDMENT NO. ______. Amend House Bill 1570 by replacing |
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| everything after the enacting clause with the following:
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| "Section 5. The Illinois Estate and Generation-Skipping |
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| 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 |
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| every
taxable transfer
involving transferred
property having a |
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| tax situs within the State of Illinois.
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| (b) Amount of tax. On estates of persons dying before |
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| January 1, 2003, the
The amount of the Illinois estate tax |
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| shall be the state
tax credit, as defined in Section 2 of this |
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| Act, with respect to the taxable
transfer
reduced by the lesser |
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| of:
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| (1) the amount of the state tax credit paid to any |
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| other state or states;
and
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| (2) the amount determined by multiplying the maximum |
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| state tax
credit allowable with respect to the taxable |
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| transfer
by the percentage which the gross
value of the |
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| transferred property not having a tax situs in Illinois |
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| bears
to the gross value of the total transferred property. |
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| (c) On estates of persons dying on or after January 1, |
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| 2003, the amount of the Illinois estate tax shall be the state
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