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IL SB3543
Bill
Status
Introduced
2/5/2026
Primary Sponsor
Chapin Rose
Click for details
AI Summary
- Amends the Illinois Estate and Generation-Skipping Transfer Tax Act to require interest payments on refunds from estate tax overpayments
- Interest accrues at the rate specified in the Uniform Penalty and Interest Act if the refund is not issued within 30 days after the return filing deadline or 30 days after the overpayment date, whichever is later
- Currently, 94% of estate tax collections go to the General Revenue Fund and 6% to the Estate Tax Refund Fund, which pays refunds from overpayments
- Introduced by Sen. Chapin Rose on February 5, 2026
Legislative Description
ESTATE TAX-INTEREST ON REFUNDS
Last Action
Referred to Assignments
2/5/2026
Committee Referrals
Assignments2/5/2026
Full Bill Text
No bill text available