SB1688 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to adjust the tax situs and valuation for estate and generation-skipping.
SB1688 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to redefine the tax situs for estate and generation-skipping transfer taxes. For estate tax purposes, all transferred property, including property held in trust, has a tax situs in Illinois if the decedent was a resident of Illinois at the time of death, except for real or tangible personal property physically situated in another state. For generation-skipping transfer tax purposes, only property physically situated in Illinois has a tax situs in the state.
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