IL SB2581 | 2023-2024 | 103rd General Assembly

Status

Spectrum: Bipartisan Bill
Status: Introduced on May 11 2023 - 25% progression
Action: 2024-02-16 - Added as Co-Sponsor Sen. Dave Syverson
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

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.

Tracking Information

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Title

ESTATE TAX-EXCLUSION AMOUNT

Sponsors


History

DateChamberAction
2024-02-16SenateAdded as Co-Sponsor Sen. Dave Syverson
2023-11-02SenateAdded as Co-Sponsor Sen. Michael W. Halpin
2023-10-11SenateAdded as Co-Sponsor Sen. Sara Feigenholtz
2023-10-02SenateAdded as Co-Sponsor Sen. Sally J. Turner
2023-09-20SenateAdded as Co-Sponsor Sen. Jason Plummer
2023-09-13SenateAdded as Chief Co-Sponsor Sen. Doris Turner
2023-09-08SenateAdded as Chief Co-Sponsor Sen. Tom Bennett
2023-09-07SenateAdded as Chief Co-Sponsor Sen. Paul Faraci
2023-09-05SenateAdded as Chief Co-Sponsor Sen. Jil Tracy
2023-05-11SenateReferred to Assignments
2023-05-11SenateFirst Reading
2023-05-11SenateFiled with Secretary by Sen. David Koehler

Code Citations

ChapterArticleSectionCitation TypeStatute Text
354052Amended CodeCitation Text

Illinois State Sources


Bill Comments

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