(Hutchinson, D-Chicago Heights; Will Davis, D-East Hazel Crest) is the revenue bill just enacted into law. The Revised Uniform Unclaimed Property Act beginning on page 6 is part of this Act. This part of the Act is effective January 1, 2018.
(Martwick, D-Chicago; Collins, D-Chicago) expands last year's original Unclaimed Life Insurance Benefit Act that required insurance companies to perform a check of policies in force (not lapsed) as of January 1, 2017 against the Social Security Death Master File. Insurance companies must now check all policies that are currently in force or were in force as of January 1, 2000, unless the company shows proof that they did not keep electronic records, in which case they must check all current policies and all policies in effect as of January 1, 2012.
Passed both chambers; effective January 1, 2018 if the Governor signs it.
Plaintiffs filed suit against their son, alleging that he breached his fiduciary duties by failing to provide them with financial information about properties in Chicago which he managed for them, in exchange for making him an equal partner in their real estate business, by oral agreement. After his parents' death, son filed countercliam against his sister, alleging that she exerted undue influence over them to manipulate parents into terminating agreement. Court properly found that agreement was unenforceable under Section 1 of Frauds Act, as agreement explicitly required the commitment of a lifetime of work, and thus anticipated a relationship of long duration. Son's partial performance of agreement would not warrant enforcement of oral agreement. (HYMAN and NEVILLE, concurring.)
(Fine, D-Glenview) deletes language providing that specified records may be inspected “only for a proper purpose.” Also deletes language that in an action to compel examination of specified records, the burden of proof is upon the member to establish that the member's request is based on a proper purpose. Scheduled for hearing this Thursday in House Judiciary Committee.
Plaintiffs filed complaint seeking dissolution of family land trust and partnership against remaining partners. Court properly granted summary judgment in favor of Plaintiffs, and dissolved partnership under Section 801(5) of Uniform Partnership Act. Terms of partnership agreement do not prevent partners from filing petition to judicially dissolve partnership under Section 801(5). (O'BRIEN and SCHMIDT, concurring.)
(Mitchell, R-Decatur) requires that a specified notice to creditors be delivered to the Illinois Department of Healthcare and Family Services, at the Bureau of Collections at the Chicago office of the Department, if the decedent was 55 years of age or older or resided in a nursing facility or other medical institution. Requires that a copy of the petition to admit the will to probate or for letters of administration and the decedent's social security number and date of birth be attached to the notice delivered to the Department. It was just introduced.
(Hutchinson, D-Chicago Heights) creates the Business Opportunity Tax that imposes a tax on all entities that issue a Form W-2 or a Form 1099 to a resident of Illinois. It imposes a sliding scale of taxation based on the employer’s total Illinois payroll as follows. (1) if the taxpayer’s total Illinois payroll for the taxable year is less than $100,000, then the annual tax is $225; (2) if the taxpayer’s total Illinois payroll for the taxable year is $100,000 or more but less than $250,000, then the annual tax is $750; (3) if the taxpayer’s total Illinois payroll for the taxable year is $250,000 or more but less than $500,000, then the annual tax is $3,750; (4) if the taxpayer’s total Illinois payroll for the taxable year is $500,000 or more but less than $1,500,000, then the annual tax is $7,500; and (5) if the taxpayer’s total Illinois payroll for the taxable year is $1,500,000 or more, then the annual tax is $15,000.
The following are exempt from taxation under this Act: (1) governmental employers described in Section 707 of the Illinois Income Tax Act; and (2) not-for-profit corporations that are exempt from taxation under Sections 501(c) or 501(d) of the Internal Revenue Code or organized under the General Not For Profit Corporation Act of 1986. Senate Amendment No. 2 becomes the bill and was just filed. It is part of the “grand bargain” being attempted by Senate leaders.
(Modified upon denial of rehearing 10/3/16.) Plaintiffs, an individual husband and wife, and 2 LLCs in which he purchased majority interests, sued Defendants for allegedly inducing them, by fraudulent misrepresentations, to buy tax shelters and to use them for 2002 and 2003 tax years. No Defendants are domiciled in Illinois. Two of the Defendants have made minimum contacts with Illinois and exercising personal jurisdiction over them would be consistent with due process. Remaining Defendants have no minimum contacts with Illinois. Where a defendant who purposefully has directed his activities at forum residents seeks to defeat jurisdiction, he must present a compelling case that presence of some other considerations would render jurisdiction unreasonable. Two Defendants with minimum contacts have failed to demonstrate such compelling cause. (TURNER, concurring; STEIGMANN, specially concurring.)
Public Act 99-775 (Welch, D-Westchester; Connelly, R-Lisle) provides procedures and requirements for the access and control by guardians, executors, agents, and other fiduciaries of the digital assets of persons who are deceased, under a legal disability, or subject to the terms of a trust.
Effective August 12, 2016.
(Silverstein, D-Chicago; Lang, D-Chicago) seeks to reverse the holding of the Mendelson case (2016 IL App (2d) 150084). It provides that the transfer of real property to a trust requires a transfer of legal title to the trustee evidenced by a written instrument of conveyance and acceptance by the trustee. Provides that for any interest in real property to become trust property in a trust of which any transferor is a trustee, the instrument of conveyance shall additionally be recorded in the appropriate real property records.
Effective January 1, 2017.