Illinois estate tax definition

Illinois estate tax means the tax due to this State with
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Illinois estate tax means the tax due to this State with respect to a taxable transfer t-h-a-t----g-i-v-e-s--r-i-s-e---t-o---a- federal estate tax.
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Examples of Illinois estate tax in a sentence

  • An estate too small to have federal estate tax liability also had no Illinois estate tax liability.

  • Graduated fees for com- mercial vehicles vary considerably by state.38 Estate and Generation-Skipping Transfer Tax (Death Taxes)The Illinois estate tax is imposed on a decedent’s estate before distribu- tion to heirs.

  • The General Assembly did follow Congress in one respect, by allowing the maximum estate that can pass free of Illinois estate tax (formerly$1 million) to rise to $1.5 million in 2004 and 2005, and $2 million in 2006-2008.

  • In 2003 the General As- sembly responded by ‘decoupling’ the Illinois estate tax from the federal tax, making it what it would have been if the 2001 change had not taken place.

  • An Illinois estate tax is imposed on every taxable transfer involving transferred property having a tax situs within the State of Illinois.

  • Id. Accordingly, when adding up John’s gross estate so as to calculate the Illinois estate tax, the State believes it should follow sections 2040(b)(1) and (b)(2)(B) (id.

  • In 2003 the General Assembly respondedby ‘decoupling’ the Illinois estate tax from the federal tax—making it (in 2003-2009 only) what it would have been if the 2001 federal change had not taken place.

  • The federal estate tax, and the Illinois estate tax, exempt all property left to a decedent’s surviving spouse—including the decedent’s interest in any property that was jointly owned by both spouses.

  • The General Assembly did follow Congress in one respect, by allowing the threshold at which an estate becomes subject to the Illinois estate tax (formerly $1 million) to rise to $1.5 million in 2004 and 2005, and $2 mil- lion in 2006-2008.

  • The amount free of federal estate tax was $3.5 million in 2009, with a 45% rate applying to anything beyond that level; but the threshold amount for Illinois estate tax remained at $2 million (subject to a reduction in the adjusted taxable estate for any “qualified terminable inter- est property” as defined in the Internal Revenue Code).

Related to Illinois estate tax

  • Real Estate Taxes means the ad valorem real estate taxes levied against the Property (and the improvements and fixtures located thereon), betterment assessments, special benefit taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant to the extent charged, assessed or imposed upon tenants in general which are based upon the rents payable under this Lease, any impact fees levied or assessed, whether or not billed by the taxing authority as a special benefit tax or a special assessment, all taxes levied or assessed on the Property that are in addition to or in lieu of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate Tax bills have been forwarded to Tenant in a timely manner; provided, however, that Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall mean, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from the transfer of any direct or indirect interest in the Property by Landlord unless such taxes replace Real Estate Taxes in the future (except as expressly set forth in the last sentence of this Section 4(a)), and any interest or penalty charges resulting solely from Landlord’s failure to promptly deliver the Real Estate Tax bills to Tenant if the applicable taxing authority has forwarded the tax xxxx to Landlord rather than Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments of such special benefit taxes and special assessments not yet due shall be paid in full prior to the expiration or termination of this Lease; provided, that the useful life of any such improvements do not extend beyond the expiration of the Term. Tenant shall also pay, directly to the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required by law to collect such tax, Tenant shall pay such use and occupancy tax to Landlord as Rent within thirty (30) days of written demand and Landlord shall remit any amounts so paid to Landlord to the appropriate Governmental Authority in a timely fashion) and deliver evidence of such payment to Tenant within ten (10) days of making such payment or within ten (10) days of receipt of Tenant’s request for such evidence of payment.

  • State tax means the tax levied under this Act;

  • Estate in Real Property A fee simple estate in a parcel of land.

  • Real Property Tax As used herein, the term "real property tax" shall include any form of real estate tax or assessment, general, special, ordinary or extraordinary, and any license fee, commercial rental tax, improvement bond or bonds, levy or tax (other than inheritance, personal income or estate taxes) imposed on the Premises by any authority having the direct or indirect power to tax, including any city, state or federal government, or any school, agricultural, sanitary, fire, street, drainage or other improvement district thereof, as against any legal or equitable interest of Lessor in the Premises or in the real property of which the Premises are a part, as against Lessor's right to rent or other income therefrom, and as against Lessor's business of leasing the Premises. The term "real property tax" shall also include any tax, fee, levy, assessment or charge (i) in substitution of, partially or totally, any tax, fee, levy, assessment or charge hereinabove included within the definition of "real property tax," or (ii) the nature of which was hereinbefore included within the definition of "real property tax," or (iii) which is imposed for a service or right not charged prior to June 1, 1978, or, if previously charged, has been increased since June 1, 1978, or (iv) which is imposed as a result of a transfer, either partial or total, of Lessor's interest in the Premises or which is added to a tax or charge hereinbefore included within the definition of real property tax by reason of such transfer, or (v) which is imposed by reason of this transaction, any modifications or changes hereto, or any transfers hereof.

  • Consolidated Rental Payments means, with reference to any period, all payments under all Operating Leases (including payments for leases which have been reserved against), net of any related income from subleases, in each case calculated for the Company and its Subsidiaries on a consolidated basis for such period.

  • Property tax increment means the amount obtained by:

  • Gross estate means the gross estate, for federal estate tax purposes.

  • Mortgaged Real Property means each of the parcels of real property set forth on Schedule 4 hereto, or interests therein, owned in fee by a Credit Party, together with each other parcel of Real Property that shall become subject to a Mortgage after the Closing Date, in each case together with all of such Credit Party’s right, title and interest in the improvements and buildings thereon and all appurtenances, easements or other rights belonging thereto.

  • Property Tax means the general property tax due and paid as set

  • Real Property Taxes shall also include any tax, fee, levy, assessment or charge, or any increase therein, imposed by reason of events occurring during the term of this Lease, including but not limited to, a change in the ownership of the Premises.

  • Anticipated county property tax revenue availability means the

  • Incremental property taxes means the taxes as provided in Iowa Code sections 403.19 and 260E.4. “Industry” means a business engaged in interstate or intrastate commerce for the purpose of manufacturing, processing, or assembling products, conducting research and development, or providing services in interstate commerce, but excludes retail, health, or professional services. An industry is a business engaged in activities described as eligible in the Act rather than the generic definition encompassing all businesses in the state doing the same activities. An industry is considered to be a single, corporate entity or operating subdivision. An industry which closes or substantially reduces its operation in one area of the state of Iowa and relocates substantially the same operation in another area of the state is not eligible for a project. This definition does not prohibit a business from expanding its operations in another area of the state provided that existing operations of a similar nature are not

  • Conveyance Taxes means all sales, use, value added, transfer, stamp, stock transfer, real property transfer or gains and similar Taxes.

  • Ground Rent means any rent, additional rent or other charge payable by the tenant under the Ground Lease.

  • State premium tax liability means any liability

  • County Property Taxes means any property tax obligation on the County's secured or unsecured roll; except for tax obligations on the secured roll with respect to property held by a Contractor in a trust or fiduciary capacity or otherwise not beneficially owned by the Contractor.

  • Consolidated Tax Expense means, for any period, the tax expense of Holdings and its Subsidiaries, for such period, determined on a consolidated basis in accordance with GAAP.

  • Leased Real Estate means all real property that the Company or any of its Subsidiaries leases, subleases or otherwise uses or occupies, or has the right to use or occupy, pursuant to a Lease.

  • MUNICIPAL TAXABLE INCOME means the following:

  • Personal Property Taxes All personal property taxes imposed on the furniture, furnishings or other items of personal property located on, and used in connection with, the operation of the Leased Improvements as a hotel (other than Inventory and other personal property owned by Lessee), together with all replacement, modifications, alterations and additions thereto.

  • domestic premises means any premises used wholly or partly as a dwelling or intended for such use;

  • Property Taxes means all real property Taxes, personal property Taxes and similar ad valorem Taxes.

  • Assigned Annual Special Tax means the Special Tax of that name described in Section D.

  • County-adjusted property tax base per square mile means the county-adjusted property tax base divided by the number of square miles of land area in the county.

  • Effective county tax rate means the actual county tax rate multiplied by a weighted average of the three most recent annual sales assessment ratio studies.

  • Tax Expense means, for any period, the tax expense (including federal, state, provincial, local, foreign, franchise, excise and foreign withholding taxes) of the Loan Parties and their Subsidiaries, including any penalties and interest relating to any tax examinations for such period, determined on a consolidated basis in accordance with GAAP.