summary
Introduced
01/22/2019
01/22/2019
In Committee
03/29/2019
03/29/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
101st General Assembly
Bill Summary
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, for persons dying on or after January 1, 2020, the exclusion amount shall be the applicable exclusion amount calculated under Section 2010 of the Internal Revenue Code, including any deceased spousal unused exclusion amount (currently, the exclusion amount for Illinois estate tax purposes is $4,000,000). Effective immediately.
AI Summary
This bill amends the Illinois Estate and Generation-Skipping Transfer Tax Act. It provides that for persons dying on or after January 1, 2020, the estate tax exclusion amount shall be the applicable exclusion amount calculated under Section 2010 of the Internal Revenue Code, including any deceased spousal unused exclusion amount. This effectively increases the estate tax exclusion amount from the current $4 million to the federal level, which is much higher. The bill takes effect immediately upon becoming law.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Rule 19(a) / Re-referred to Rules Committee (on 03/29/2019)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.ilga.gov/legislation/BillStatus.asp?DocNum=820&GAID=15&DocTypeID=HB&SessionID=108&GA=101 |
| BillText | http://www.ilga.gov/legislation/101/HB/10100HB0820.htm |
| Bill | http://www.ilga.gov/legislation/101/HB/PDF/10100HB0820.pdf |
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