summary
Introduced
02/19/2021
02/19/2021
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 the exclusion amount is $2,000,000 for persons dying on or after January 1, 2022 (currently, $4,000,000). Effective immediately.
AI Summary
This bill amends the Illinois Estate and Generation-Skipping Transfer Tax Act to reduce the exclusion amount for the estate tax from $4,000,000 to $2,000,000 for persons dying on or after January 1, 2022. The exclusion amount is the value of an estate that is exempt from estate tax. This change takes effect immediately upon becoming law.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Added Co-Sponsor Rep. Anna Moeller (on 05/14/2021)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3427&GAID=16&DocTypeID=HB&SessionID=110&GA=102 | 02/20/2021 |
| BillText | http://www.ilga.gov/legislation/102/HB/10200HB3427.htm | 02/20/2021 |
| Bill | http://www.ilga.gov/legislation/102/HB/PDF/10200HB3427.pdf | 02/20/2021 |
Loading...