summary
Introduced
01/29/2026
01/29/2026
In Committee
01/29/2026
01/29/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, for persons dying on or after January 1, 2027, the State tax credit shall be calculated as though the decedent's federal taxable estate did not include the decedent's business interest in a manufacturing business located in this State. Defines "manufacturing business". Effective immediately.
AI Summary
This bill amends the Illinois Estate and Generation-Skipping Transfer Tax Act to provide a tax benefit for manufacturing businesses located in Illinois. Specifically, for individuals who die on or after January 1, 2027, the state tax credit calculation will exclude the value of a decedent's ownership interest in a manufacturing business located in Illinois from their federal taxable estate. A "manufacturing business" is defined as a business operating within the manufacturing sector, identified by North American Industry Classification System (NAICS) codes 31 through 33. This change aims to encourage and support manufacturing within the state by reducing the estate tax burden on such businesses. The bill takes effect immediately upon becoming law.
Sponsors (6)
Jil Tracy (R)*,
John Curran (R),
Dale Fowler (R),
Erica Harriss (R),
Dave Syverson (R),
Sally Turner (R),
Last Action
Added as Co-Sponsor Sen. Dave Syverson (on 03/03/2026)
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