summary
Introduced
02/05/2025
02/05/2025
In Committee
02/05/2025
02/05/2025
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that the amount of the taxes imposed under the Act shall be reduced in each year by 20%. Provides that no tax shall be imposed under the Act for persons dying on or after January 1, 2030 or for transfers occurring on or after January 1, 2030. Provides that the Act is repealed on January 1, 2031. Effective immediately.
AI Summary
This bill amends the Illinois Estate and Generation-Skipping Transfer Tax Act to gradually phase out estate and generation-skipping transfer taxes over several years. Specifically, the bill reduces the tax amounts by 20% each year from 2026 to 2030, with the tax rate being 80% in 2026, 60% in 2027, 40% in 2028, and 20% in 2029. Starting January 1, 2030, no estate or generation-skipping transfer taxes will be imposed in Illinois. The Act itself will be fully repealed on January 1, 2031. The law applies to estates of persons dying and transfers occurring during these specified time periods, effectively eliminating these taxes in the state by 2030. A generation-skipping transfer tax is a federal tax on transfers of property to beneficiaries who are two or more generations below the donor, such as grandchildren, and this bill modifies how such transfers will be taxed in Illinois over the next few years.
Sponsors (7)
Jil Tracy (R)*,
Chris Balkema (R),
Terri Bryant (R),
Don DeWitte (R),
Patrick Joyce (D),
Seth Lewis (R),
Sally Turner (R),
Last Action
Added as Co-Sponsor Sen. Chris Balkema (on 04/02/2025)
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=1735&GAID=18&DocTypeID=SB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/SB/10400SB1735.htm |
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