Illinois Compiled Statutes (Tax)
35 ILCS 405/3
Illinois estate tax
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 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; 94-419, eff. 8-2-05.)
Source: view the official text
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- 405/1 · This Act may be cited as the Illinois Estate and…
- 405/2 · Definitions
- 405/3 · Illinois estate tax
- 405/4 · Illinois generation-skipping transfer tax
- 405/5 · Determination of tax situs and valuation
- 405/6 · Returns and payments
- 405/7 · Supplemental returns; refunds
- 405/8 · Penalties for failure to file tax return or to pay tax
- 405/9 · Interest
- 405/10 · Liens and Personal Liability
- 405/11 · Reimbursement
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- 405/13 · Collection by county treasurers; tax collection distribution…
- 405/14 · Statute of limitations; claims for refund
- 405/15 · Circuit court jurisdiction and venue