summary
Introduced
01/06/2020
01/06/2020
In Committee
06/23/2020
06/23/2020
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, 2021, 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, 2021, 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. This changes the current exclusion amount of $4,000,000 for Illinois estate tax purposes. The bill takes effect immediately.
Committee Categories
Budget and Finance
Sponsors (6)
Mike Murphy (R)*,
Darren Bailey (R),
Tim Butler (R),
Randy Frese (R),
Jay Hoffman (D),
Steve Reick (R),
Last Action
Rule 19(b) / Re-referred to Rules Committee (on 06/23/2020)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4017&GAID=15&DocTypeID=HB&SessionID=108&GA=101 |
| State Bill Page | http://www.ilga.gov/legislation/BillStatus.asp?DocNum=4017&GAID=15&DocTypeID=HB&SessionID=108&GA=101 |
| BillText | http://www.ilga.gov/legislation/101/HB/10100HB4017.htm |
| Bill | http://www.ilga.gov/legislation/101/HB/PDF/10100HB4017.pdf |
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