ESTATE TAX CREDIT House SponsorsRep. Barbara Flynn Currie Senate Sponsors(Sen. Don Harmon) 8/2/2005HousePublic Act . . . . . . . . . 94-0419 35 ILCS 405/2from Ch. 120, par. 405A-235 ILCS 405/3from Ch. 120, par. 405A-3 Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that in calculating the amount of the tax for persons dying on or after January 1, 2003, the "state tax credit" is reduced proportionately for the value of property not having a tax situs in Illinois (now, the lesser of that amount or the amount the state tax credit paid to any other states). Provides that for persons dying on or after January 1, 2005, in calculating the "state tax credit" the gross and taxable estates are not reduced for any amount of state death tax deduction. Effective immediately.House Amendment No. 1 Deletes reference to:35 ILCS 405/2from Ch. 120, par. 405A-2Deletes everything after the enacting clause. Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, on estates of persons dying on or after January 1, 2003, the amount of the Illinois estate tax is the state tax credit reduced by the amount determined by multiplying the maximum state tax credit allowable with respect to the taxable transfer by the percentage which the gross value of the transferred property not having a tax situs in Illinois bears to the gross value of the total transferred property. Effective immediately.House Amendment No. 2 Provides that the amount of the Illinois estate tax is the state tax credit reduced by the amount determined by multiplying the state tax credit (instead of "maximum state tax credit allowable") with respect to the taxable transfer by the percentage which the gross value of the transferred property not having a tax situs in Illinois bears to the gross value of the total transferred property. 2/14/2005HouseFiled with the Clerk by Rep. Barbara Flynn Currie 2/14/2005HouseFirst Reading 2/14/2005HouseReferred to Rules Committee 2/17/2005HouseAssigned to Revenue Committee 3/3/2005HouseHouse Amendment No. 1 Filed with Clerk by Revenue Committee 3/3/2005HouseHouse Amendment No. 1 Adopted in Revenue Committee; by Voice Vote 3/3/2005HouseRecommends Be Adopted Sub-committee/ Revenue Committee; 003-000-000 3/3/2005HouseRemains in Revenue Committee 3/10/2005HouseHouse Amendment No. 2 Filed with Clerk by Revenue Committee 3/10/2005HouseHouse Amendment No. 2 Adopted in Revenue Committee; by Voice Vote 3/10/2005HouseDo Pass as Amended / Short Debate Revenue Committee; 012-000-000 3/10/2005HousePlaced on Calendar 2nd Reading - Short Debate 3/15/2005HouseSecond Reading - Short Debate 3/15/2005HousePlaced on Calendar Order of 3rd Reading - Short Debate 3/16/2005HouseThird Reading - Short Debate - Passed 115-000-000 3/17/2005SenateArrive in Senate 3/17/2005SenatePlaced on Calendar Order of First Reading April 6, 2005 3/21/2005SenateChief Senate Sponsor Sen. Don Harmon 4/6/2005SenateFirst Reading 4/6/2005SenateReferred to Rules 4/13/2005SenateAssigned to Revenue 4/21/2005SenateDo Pass Revenue; 010-000-000 4/21/2005SenatePlaced on Calendar Order of 2nd Reading May 3, 2005 5/10/2005SenateSecond Reading 5/10/2005SenatePlaced on Calendar Order of 3rd Reading May 11, 2005 5/18/2005SenateThird Reading - Passed; 056-000-000 5/18/2005HousePassed Both Houses 6/16/2005HouseSent to the Governor 8/2/2005HouseGovernor Approved 8/2/2005HouseEffective Date August 2, 2005 8/2/2005HousePublic Act . . . . . . . . . 94-0419