summary
Introduced
02/15/2023
02/15/2023
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. Provides that, for persons dying on or after January 1, 2024, 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, 2024, the estate tax exclusion amount will be the applicable exclusion amount calculated under Section 2010 of the Internal Revenue Code, including any deceased spousal unused exclusion amount. This effectively increases the estate tax exclusion amount from the current $4 million to the higher federal exclusion amount, which is intended to align the Illinois estate tax with the federal estate tax.
Committee Categories
Budget and Finance
Sponsors (1)
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=2594&GAID=17&DocTypeID=HB&SessionID=112&GA=103 |
| BillText | https://www.ilga.gov/legislation/103/HB/10300HB2594.htm |
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