summary
Introduced
01/29/2020
01/29/2020
In Committee
01/29/2020
01/29/2020
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 to provide 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 change increases the current $4,000,000 exclusion amount to the federal exclusion amount, which is currently $12.06 million per individual in 2022. The bill takes effect immediately.
Sponsors (2)
Last Action
Added Chief Co-Sponsor Rep. Darren Bailey (on 02/04/2020)
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=4348&GAID=15&DocTypeID=HB&SessionID=108&GA=101 |
| BillText | http://www.ilga.gov/legislation/101/HB/10100HB4348.htm |
| Bill | http://www.ilga.gov/legislation/101/HB/PDF/10100HB4348.pdf |
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