SB3015 modifies the Illinois Estate and Generation-Skipping Transfer Tax Act by excluding business interests in manufacturing businesses from the.
SB3015 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to adjust the state tax credit calculation. Specifically, for individuals who die on or after January 1, 2027, the state tax credit will be calculated as if the decedent's federal taxable estate did not include their business interest in a manufacturing business located in Illinois. This change aims to provide a tax credit that reflects the exclusion of certain business interests from the federal taxable estate.
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