Illinois Governor Signs Excise Tax Law Clarifying Application of Motor Vehicle Transfer Tax to Gifts

The Illinois Governor May 13 signed a law amending motor vehicle transfer tax provisions, for excise tax purposes. The law includes measures clarifying that the application of the $15 tax rate to a motor vehicle acquired through a gift transfer to a beneficiary in the administration of an estate includes, but isn’t limited to, the administration of an inter vivos trust that becomes irrevocable on the death of a grantor. The law took effect May 13. [/il\FINAL\2021R1HB4284///, enacted 05/13/22]

Reference: View Bill. View Legislative Information.