summary
Introduced
02/15/2019
02/15/2019
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 exclusion amount for Illinois estate tax purposes 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 is $4,000,000). This change means that the Illinois estate tax exclusion amount will now match the federal estate tax exclusion amount, which has been increasing over time.
Committee Categories
Budget and Finance
Sponsors (1)
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 | Created |
|---|---|---|
| State Bill Page | http://www.ilga.gov/legislation/BillStatus.asp?DocNum=3561&GAID=15&DocTypeID=HB&SessionID=108&GA=101 | 02/16/2019 |
| BillText | http://www.ilga.gov/legislation/101/HB/10100HB3561.htm | 02/16/2019 |
| Bill | http://www.ilga.gov/legislation/101/HB/PDF/10100HB3561.pdf | 02/16/2019 |
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