summary
Introduced
02/17/2021
02/17/2021
In Committee
03/27/2021
03/27/2021
Crossed Over
Passed
Dead
04/08/2022
04/08/2022
Introduced Session
102nd General Assembly
Bill Summary
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, for persons dying on or after January 1, 2022, 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, 2022, 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, rather than the current $4 million exclusion amount. This change aligns the Illinois estate tax exclusion with the federal exclusion, allowing for a higher threshold before the state estate tax applies.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Rule 19(a) / Re-referred to Rules Committee (on 03/27/2021)
Official Document
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=2582&GAID=16&DocTypeID=HB&SessionID=110&GA=102 |
| BillText | http://www.ilga.gov/legislation/102/HB/10200HB2582.htm |
| Bill | http://www.ilga.gov/legislation/102/HB/PDF/10200HB2582.pdf |
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