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| Public Act 099-0575 | ||||
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Estate and Generation-Skipping | ||||
Transfer Tax Act is amended by changing Section 6 as follows:
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(35 ILCS 405/6) (from Ch. 120, par. 405A-6)
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Sec. 6. Returns and payments.
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(a) Due Dates. The Illinois transfer
tax shall be paid and | ||||
the Illinois transfer tax return shall be filed on
the due date | ||||
or dates, respectively, including extensions, for paying the
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federal transfer tax and filing the related federal return.
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(b) Installment payments and deferral. In the event that | ||||
any portion of
the federal transfer tax is deferred or to be | ||||
paid in installments under
the provisions of the Internal | ||||
Revenue Code, the portion of the Illinois
transfer tax which is | ||||
subject to deferral or payable in installments shall
be | ||||
determined by multiplying the Illinois transfer tax by a | ||||
fraction, the
numerator of which is the gross value of the | ||||
assets included in the
transferred property having a tax situs | ||||
in this State and which give rise
to the deferred or | ||||
installment payment under
the Internal Revenue Code, and the | ||||
denominator of which is the gross value
of all assets included | ||||
in the transferred property having a tax situs in
this State. | ||||
Deferred payments and installment payments, with interest,
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shall be paid at the same time and in the same manner as | ||
payments of the
federal transfer tax are required to be made | ||
under the applicable Sections
of the Internal Revenue Code, | ||
provided that the rate of interest on unpaid
amounts of | ||
Illinois transfer tax shall be determined under this Act.
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Acceleration of payment under this Section shall occur under | ||
the same
circumstances and in the same manner as provided in | ||
the Internal Revenue Code.
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(c) Who shall file and pay. The Illinois transfer tax | ||
return (including
any supplemental or amended return) shall be | ||
filed, and the Illinois
transfer tax (including any additional | ||
tax that may become due) shall be
paid by the same person or | ||
persons, respectively, who are required to pay
the federal | ||
transfer tax and file the federal return,
or
who would have | ||
been required to pay a federal transfer tax and file a
federal | ||
return if
a federal transfer tax were due.
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(d) Where to file return. The executed Illinois transfer | ||
tax return
shall be filed with the Attorney General. In | ||
addition, for payments made prior to July 1, 2012, a copy of | ||
the
Illinois transfer tax return shall be filed with the county | ||
treasurer to
whom the Illinois transfer tax is paid, determined | ||
under subsection (e) of this
Section, and, for payments made on | ||
or after July 1, 2012, a copy of the
Illinois transfer tax | ||
return shall be filed with the State Treasurer.
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(e) Where to pay tax. The Illinois transfer tax shall be | ||
paid according to the following rules:
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(1) Illinois Estate Tax. Prior to July 1, 2012, the | ||
Illinois estate tax shall be paid to the
treasurer of the | ||
county in which the decedent was a resident on the date of
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the decedent's death or, if the decedent was not a resident | ||
of this State
on the date of death, the county in which the | ||
greater part, by gross value,
of the transferred property | ||
with a tax situs in this State is located.
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(2) Illinois Generation-Skipping Transfer Tax. Prior | ||
to July 1, 2012, the Illinois
generation-skipping transfer | ||
tax involving transferred property from or in
a resident | ||
trust shall be paid to the county treasurer for the county | ||
in
which the grantor resided at the time the trust became | ||
irrevocable (in the
case of an inter vivos trust) or the | ||
county in which the decedent resided
at death (in the case | ||
of a trust created by the will of a decedent).
In the case | ||
of an Illinois generation-skipping transfer tax involving
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transferred property from or in a non-resident trust, the | ||
Illinois
generation-skipping transfer tax
shall
be paid to | ||
the county treasurer for the county in which the greater | ||
part,
by gross value, of the transferred property with a | ||
tax situs in this State is located.
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(3) Payments on or after July 1, 2012. On or after July | ||
1, 2012, both the Illinois estate tax and the Illinois | ||
generation-skipping transfer tax shall be paid directly to | ||
the State Treasurer. | ||
(f) Forms; confidentiality. The Illinois transfer tax | ||
return shall be
in all respects in the manner and form | ||
prescribed by the regulations of the
Attorney General. At the | ||
same time the Illinois transfer tax return is
filed, the person | ||
required to file shall also file with the Attorney
General a | ||
copy of the related federal return.
For individuals dying after | ||
December 31, 2005, in cases where no federal
return is
required | ||
to be filed, the person required to file an Illinois return | ||
shall also
file with the
Attorney General schedules of assets | ||
in the manner and form prescribed by the
Attorney
General.
The | ||
Illinois transfer tax
return and the copy of the federal return | ||
filed with the Attorney General, the
county treasurer, or the | ||
State Treasurer shall be confidential, and the Attorney | ||
General,
each county treasurer, and the State Treasurer and all | ||
of their assistants or employees are
prohibited from divulging | ||
in any manner any of the contents of those returns,
except
only | ||
in a proceeding instituted under the provisions of this Act.
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(g) County Treasurer shall accept payment. Prior to July 1, | ||
2012, no county treasurer shall
refuse to accept payment of any | ||
amount due under this Act on the grounds
that the county | ||
treasurer has not yet received a copy of the appropriate
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Illinois transfer tax return.
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(h) Beginning July 1, 2012, the State Treasurer shall not | ||
refuse to accept payment of any amount due under this Act on | ||
the grounds
that the State Treasurer has not yet received a | ||
copy of the appropriate
Illinois transfer tax return. | ||
(Source: P.A. 97-732, eff. 6-30-12.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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