summary
Introduced
01/03/2022
01/03/2022
In Committee
02/18/2022
02/18/2022
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, 2023, 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, 2023, the estate tax 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). This change is effective immediately.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Rule 19(a) / Re-referred to Rules Committee (on 02/18/2022)
Official Document
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