Bill Text: IL HB3829 | 2011-2012 | 97th General Assembly | Introduced
Bill Title: Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that interest upon the refund of any overpayment under the Act is allowed and shall be paid as provided in the Uniform Penalty and Interest Act. Effective immediately.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2013-01-08 - Session Sine Die [HB3829 Detail]
Download: Illinois-2011-HB3829-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Estate and Generation-Skipping | ||||||||||||||||||||||||
5 | Transfer Tax Act is amended by changing Section 7 as follows:
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6 | (35 ILCS 405/7) (from Ch. 120, par. 405A-7)
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7 | Sec. 7. Supplemental returns; refunds.
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8 | (a) Supplemental returns. If
the State tax credit is | ||||||||||||||||||||||||
9 | increased after the filing of the Illinois transfer
tax return, | ||||||||||||||||||||||||
10 | the person or persons required to file the Illinois transfer
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11 | tax return and pay the Illinois transfer tax shall file a | ||||||||||||||||||||||||
12 | supplemental
Illinois transfer tax return. The supplemental | ||||||||||||||||||||||||
13 | return shall be filed and
the additional tax shall be paid in | ||||||||||||||||||||||||
14 | the same place and manner as provided
in Section 6 of this Act. | ||||||||||||||||||||||||
15 | The due date for the supplemental return and for
the payment of | ||||||||||||||||||||||||
16 | the additional tax reported in the supplemental return shall
be | ||||||||||||||||||||||||
17 | no later than 3
months after the earliest of:
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18 | (1) the date an amended federal return is filed;
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19 | (2) the date an increase in the federal transfer tax is | ||||||||||||||||||||||||
20 | paid or accepted
in writing;
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21 | (3) the date the Internal Revenue Service issues a | ||||||||||||||||||||||||
22 | request for evidence
of payment of the State tax credit; or
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23 | (4) the date that any increase to the taxable estate is |
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1 | discovered;
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2 | provided that if the federal transfer tax may be deferred or | ||||||
3 | paid
in installments, then part or all of the additional | ||||||
4 | Illinois transfer tax
may be deferred or paid in installments | ||||||
5 | under rules consistent with
subsection (b) of Section 6 of this | ||||||
6 | Act.
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7 | (b) Refunds. If the state tax credit is reduced after the | ||||||
8 | filing of the
Illinois transfer tax return, the person who paid | ||||||
9 | the Illinois transfer tax (or
the person
upon whom the burden | ||||||
10 | of payment fell) shall file an amended Illinois
transfer tax | ||||||
11 | return and shall be entitled to a refund of tax or interest
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12 | paid on the Illinois transfer tax. Interest upon the refund of | ||||||
13 | any overpayment of the tax imposed by this Act shall be allowed | ||||||
14 | and paid in the manner and at the rate prescribed in Section | ||||||
15 | 3-2 of the Uniform Penalty and Interest Act No interest shall | ||||||
16 | be paid on any amount
refunded .
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17 | (Source: P.A. 93-30, eff. 6-20-03.)
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18 | Section 99. Effective date. This Act takes effect upon | ||||||
19 | becoming law.
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