summary
Introduced
01/30/2023
01/30/2023
In Committee
04/05/2024
04/05/2024
Crossed Over
Passed
Dead
01/08/2025
01/08/2025
Introduced Session
103rd 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, 2024 (currently, $4,000,000). Effective immediately.
AI Summary
This bill amends the Illinois Estate and Generation-Skipping Transfer Tax Act by increasing the estate tax exclusion amount from $4,000,000 to $8,000,000 for persons dying on or after January 1, 2024. This change effectively raises the threshold at which estate tax is owed, reducing the number of estates subject to the tax. The bill takes effect immediately.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Session Sine Die (on 01/07/2025)
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=1576&GAID=17&DocTypeID=HB&SessionID=112&GA=103 |
| BillText | https://www.ilga.gov/legislation/103/HB/10300HB1576.htm |
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