Bill Title: Amends the Illinois Estate and Generation-Skipping Transfer Tax. Provides that the State tax credit for the estates of persons dying after December 31, 2005 and on or before December 31, 2009 includes a reduction for qualified terminable interest property. Provides that the trustee of a trust for which a QTIP election is made may not retain non-income producing assets for more than a reasonable amount of time without the consent of the surviving spouse. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2009-07-13 - Public Act . . . . . . . . . 96-0034 [HB0255 Detail]

Text: Latest bill text (Enrolled) [HTML]

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