summary
Introduced
01/27/2022
01/27/2022
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. Increases the exclusion amount to $8,000,000 for persons dying on or after January 1, 2023 (currently, $4,000,000). Effective immediately.
AI Summary
This bill amends the Illinois Estate and Generation-Skipping Transfer Tax Act by increasing the exclusion amount for the estate tax from $4,000,000 to $8,000,000 for persons dying on or after January 1, 2023. The bill also makes changes to the language regarding the State tax credit calculation based on the Internal Revenue Code. The bill takes effect immediately.
Committee Categories
Budget and Finance
Sponsors (10)
Adam Niemerg (R)*,
Dan Caulkins (R),
David Friess (R),
Brad Halbrook (R),
Chris Miller (R),
Thomas Morrison (R),
Steve Reick (R),
Joe Sosnowski (R),
Blaine Wilhour (R),
Patrick Windhorst (R),
Last Action
Added Co-Sponsor Rep. Chris Miller (on 11/01/2022)
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=5230&GAID=16&DocTypeID=HB&SessionID=110&GA=102 |
| BillText | https://www.ilga.gov/legislation/102/HB/10200HB5230.htm |
| Bill | https://www.ilga.gov/legislation/102/HB/PDF/10200HB5230.pdf |
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