HB 1555

Abstract

Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, for estates of persons dying on or after the effective date of the amendatory Act, the amount of the Illinois estate tax shall be the product of (i) the sum of (A) 5.5% of the first $4,700,000 of the Illinois base estate and (B) 9% of the Illinois base estate in excess of $4,700,000, multiplied by the Illinois taxable percentage. Defines Illinois base estate as the federal gross estate, subject to certain modifications. Defines "Illinois taxable percentage" as the total value of transfers with situs in Illinois divided by the total value of all transferred property. Provides that the amount of the Illinois generation-skipping transfer tax shall be 7.5% of the value of the transferred property as determined for purposes of the federal generation-skipping transfer tax. Removes provisions providing for a separate marital deduction for qualified terminable interest property for Illinois estate tax purposes. Effective immediately.