Illinois SB1735 phases out the estate and generation-skipping transfer taxes by reducing them annually until they are eliminated.
Illinois SB1735 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to reduce the estate and generation-skipping transfer taxes by 20% each year, starting from estates of persons dying on or after January 1, 2003, until no tax is imposed for persons dying on or after January 1, 2030. The Act is set to be repealed on January 1, 2031.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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