Bill Amendment: IL HB3211 | 2015-2016 | 99th General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: TREASURER-WARRANTS & PAYMENTS
Status: 2016-06-30 - Rule 19(a) / Re-referred to Rules Committee [HB3211 Detail]
Download: Illinois-2015-HB3211-Senate_Amendment_001.html
Bill Title: TREASURER-WARRANTS & PAYMENTS
Status: 2016-06-30 - Rule 19(a) / Re-referred to Rules Committee [HB3211 Detail]
Download: Illinois-2015-HB3211-Senate_Amendment_001.html
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1 | AMENDMENT TO HOUSE BILL 3211
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2 | AMENDMENT NO. ______. Amend House Bill 3211 on page 2, | ||||||
3 | below line 6, by inserting the following:
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4 | "Section 10. The Illinois Estate and Generation-Skipping | ||||||
5 | Transfer Tax Act is amended by changing Section 6 as follows:
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6 | (35 ILCS 405/6) (from Ch. 120, par. 405A-6)
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7 | Sec. 6. Returns and payments.
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8 | (a) Due Dates. The Illinois transfer
tax shall be paid and | ||||||
9 | the Illinois transfer tax return shall be filed on
the due date | ||||||
10 | or dates, respectively, including extensions, for paying the
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11 | federal transfer tax and filing the related federal return.
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12 | (b) Installment payments and deferral. In the event that | ||||||
13 | any portion of
the federal transfer tax is deferred or to be | ||||||
14 | paid in installments under
the provisions of the Internal | ||||||
15 | Revenue Code, the portion of the Illinois
transfer tax which is | ||||||
16 | subject to deferral or payable in installments shall
be |
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1 | determined by multiplying the Illinois transfer tax by a | ||||||
2 | fraction, the
numerator of which is the gross value of the | ||||||
3 | assets included in the
transferred property having a tax situs | ||||||
4 | in this State and which give rise
to the deferred or | ||||||
5 | installment payment under
the Internal Revenue Code, and the | ||||||
6 | denominator of which is the gross value
of all assets included | ||||||
7 | in the transferred property having a tax situs in
this State. | ||||||
8 | Deferred payments and installment payments, with interest,
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9 | shall be paid at the same time and in the same manner as | ||||||
10 | payments of the
federal transfer tax are required to be made | ||||||
11 | under the applicable Sections
of the Internal Revenue Code, | ||||||
12 | provided that the rate of interest on unpaid
amounts of | ||||||
13 | Illinois transfer tax shall be determined under this Act.
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14 | Acceleration of payment under this Section shall occur under | ||||||
15 | the same
circumstances and in the same manner as provided in | ||||||
16 | the Internal Revenue Code.
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17 | (c) Who shall file and pay. The Illinois transfer tax | ||||||
18 | return (including
any supplemental or amended return) shall be | ||||||
19 | filed, and the Illinois
transfer tax (including any additional | ||||||
20 | tax that may become due) shall be
paid by the same person or | ||||||
21 | persons, respectively, who are required to pay
the federal | ||||||
22 | transfer tax and file the federal return,
or
who would have | ||||||
23 | been required to pay a federal transfer tax and file a
federal | ||||||
24 | return if
a federal transfer tax were due.
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25 | (d) Where to file return. The executed Illinois transfer | ||||||
26 | tax return
shall be filed with the Attorney General. In |
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1 | addition, for payments made prior to July 1, 2012, a copy of | ||||||
2 | the
Illinois transfer tax return shall be filed with the county | ||||||
3 | treasurer to
whom the Illinois transfer tax is paid, determined | ||||||
4 | under subsection (e) of this
Section, and, for payments made on | ||||||
5 | or after July 1, 2012, a copy of the
Illinois transfer tax | ||||||
6 | return shall be filed with the State Treasurer.
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7 | (e) Where to pay tax. The Illinois transfer tax shall be | ||||||
8 | paid according to the following rules:
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9 | (1) Illinois Estate Tax. Prior to July 1, 2012, the | ||||||
10 | Illinois estate tax shall be paid to the
treasurer of the | ||||||
11 | county in which the decedent was a resident on the date of
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12 | the decedent's death or, if the decedent was not a resident | ||||||
13 | of this State
on the date of death, the county in which the | ||||||
14 | greater part, by gross value,
of the transferred property | ||||||
15 | with a tax situs in this State is located.
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16 | (2) Illinois Generation-Skipping Transfer Tax. Prior | ||||||
17 | to July 1, 2012, the Illinois
generation-skipping transfer | ||||||
18 | tax involving transferred property from or in
a resident | ||||||
19 | trust shall be paid to the county treasurer for the county | ||||||
20 | in
which the grantor resided at the time the trust became | ||||||
21 | irrevocable (in the
case of an inter vivos trust) or the | ||||||
22 | county in which the decedent resided
at death (in the case | ||||||
23 | of a trust created by the will of a decedent).
In the case | ||||||
24 | of an Illinois generation-skipping transfer tax involving
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25 | transferred property from or in a non-resident trust, the | ||||||
26 | Illinois
generation-skipping transfer tax
shall
be paid to |
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1 | the county treasurer for the county in which the greater | ||||||
2 | part,
by gross value, of the transferred property with a | ||||||
3 | tax situs in this State is located.
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4 | (3) Payments on or after July 1, 2012. On or after July | ||||||
5 | 1, 2012, both the Illinois estate tax and the Illinois | ||||||
6 | generation-skipping transfer tax shall be paid directly to | ||||||
7 | the State Treasurer. | ||||||
8 | (f) Forms; confidentiality. The Illinois transfer tax | ||||||
9 | return shall be
in all respects in the manner and form | ||||||
10 | prescribed by the regulations of the
Attorney General. At the | ||||||
11 | same time the Illinois transfer tax return is
filed, the person | ||||||
12 | required to file shall also file with the Attorney
General a | ||||||
13 | copy of the related federal return.
For individuals dying after | ||||||
14 | December 31, 2005, in cases where no federal
return is
required | ||||||
15 | to be filed, the person required to file an Illinois return | ||||||
16 | shall also
file with the
Attorney General schedules of assets | ||||||
17 | in the manner and form prescribed by the
Attorney
General.
The | ||||||
18 | Illinois transfer tax
return and the copy of the federal return | ||||||
19 | filed with the Attorney General, the
county treasurer, or the | ||||||
20 | State Treasurer shall be confidential, and the Attorney | ||||||
21 | General,
each county treasurer, and the State Treasurer and all | ||||||
22 | of their assistants or employees are
prohibited from divulging | ||||||
23 | in any manner any of the contents of those returns,
except
only | ||||||
24 | in a proceeding instituted under the provisions of this Act.
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25 | (g) County Treasurer shall accept payment. Prior to July 1, | ||||||
26 | 2012, no county treasurer shall
refuse to accept payment of any |
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1 | amount due under this Act on the grounds
that the county | ||||||
2 | treasurer has not yet received a copy of the appropriate
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3 | Illinois transfer tax return.
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4 | (h) Beginning July 1, 2012, the State Treasurer shall not | ||||||
5 | refuse to accept payment of any amount due under this Act on | ||||||
6 | the grounds
that the State Treasurer has not yet received a | ||||||
7 | copy of the appropriate
Illinois transfer tax return. | ||||||
8 | (Source: P.A. 97-732, eff. 6-30-12.)
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9 | Section 99. Effective date. This Act takes effect upon | ||||||
10 | becoming law.".
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