summary
Introduced
02/17/2023
02/17/2023
In Committee
03/10/2023
03/10/2023
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 from $4,000,000 to $6,000,000 for persons dying on or after January 1, 2024. Effective immediately.
AI Summary
This bill amends the Illinois Estate and Generation-Skipping Transfer Tax Act to increase the exclusion amount from $4,000,000 to $6,000,000 for persons dying on or after January 1, 2024. The exclusion amount is the threshold at which estate taxes are owed, so this change will exempt more estates from being subject to state estate taxes. The bill takes effect immediately.
Committee Categories
Budget and Finance
Sponsors (2)
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=3684&GAID=17&DocTypeID=HB&SessionID=112&GA=103 |
| BillText | https://www.ilga.gov/legislation/103/HB/10300HB3684.htm |
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