92nd General Assembly
Status of HB3761
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 Full Text  Bill Summary

   35 ILCS 405/2             from Ch. 120, par. 405A-2                         

        Amends the Illinois Estate and Generation-Skipping  Transfer  Tax      
   Act.  Provides  that "State tax credit" means the credit for state tax      
   allowable under certain provisions of the  Internal  Revenue  Code  as      
   computed  under  the  federal estate tax law in effect on December 31,      
   2000 (now, allowable under those provisions of  the  Internal  Revenue      
   Code as amended from time to time). Effective January 1, 2003.              
          FISCAL NOTE (Attorney General)                                       
          The changes proposed by HB 3761 will have little impact on           
          FY 2003 estate tax revenues because of the bill's effective          
          date of January 1, 2003. The estate tax is generally paid nine       
          months after death. Thus, for persons dying on January 1, 2003,      
          the effects of the bill will not be seen until the beginning of      
          the second quarter of FY 2004, on October 1, 2003. As a result       
          the A.G. Office estimates that Illinois will still see a $139        
          million revenue loss in FY 2003. Even if the bill became             
          effective on July 1, 2002, Illinois would still lose $92             
          million for FY 2003 since the proposed changes would have no         
          effect on the estates of persons dying between January 1, 2002       
          and June 30, 2002. In FY 2004 and thereafter, the bill would         
          have the intended effect of fully restoring revenue that             
          otherwise would be lost. If the bill becomes law, the A.G.           
          Office estimates that in FY 2004 it would save $240 million          
          in estate tax revenues that will otherwise be lost.                  
   JAN-10-2002  H  FILED WITH CLERK                                               
   JAN-10-2002  H  FIRST READING                                                  
   JAN-10-2002  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-13-2002  H       ASSIGNED TO COMMITTEE               REVENUE               
   FEB-22-2002  H                         FISCAL NOTE FILED                       
   FEB-22-2002  H                   COMMITTEE               REVENUE               
   FEB-22-2002  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary