summary
Introduced
02/05/2026
02/05/2026
In Committee
02/05/2026
02/05/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that interest shall be paid upon any refund resulting from the overpayment of tax under the Act at the rate set forth under the Uniform Penalty and Interest Act if the overpayment is not refunded within the later of 30 days after the last date prescribed for the filing of a return under the Act or 30 days after the date of the overpayment.
AI Summary
This bill amends the Illinois Estate and Generation-Skipping Transfer Tax Act to ensure that interest is paid on any refunds due to an overpayment of estate tax. Specifically, if the overpayment is not refunded within 30 days after the tax return was due or 30 days after the overpayment occurred, whichever is later, interest will be paid at the rate established by the Uniform Penalty and Interest Act. This change aims to provide a standardized and timely process for taxpayers receiving refunds for overpaid estate taxes.
Sponsors (1)
Last Action
Referred to Assignments (on 02/05/2026)
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