Illinois HB3118 repeals the estate tax and generation-skipping transfer tax for transfers occurring after the bill's effective date.

HB3118 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to repeal the estate tax and generation-skipping transfer tax for transfers occurring on or after the effective date of the amendatory Act of the 104th General Assembly. The bill defines key terms such as "taxable transfer," "transferee," and "transferred property" and specifies the amount of tax based on the maximum state tax credit allowable. The repeal applies to estates of individuals dying on or after the effective date of the bill.

Illinois HB3118 repeals the estate tax and generation-skipping transfer tax for transfers occurring after the bill's effective date.

HB3118 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to repeal the estate tax and generation-skipping transfer tax for transfers occurring on or after the effective date of the amendatory Act of the 104th General Assembly. The bill defines key terms such as "taxable transfer," "transferee," and "transferred property" and specifies the amount of tax based on the maximum state tax credit allowable. The repeal applies to estates of individuals dying on or after the effective date of the bill.