IL HB2677 | 2025-2026 | 104th General Assembly
Status
Sponsorship: Bipartisan Bill
Status: Introduced on February 4 2025 - 25% progression, died in committee
Action: 2025-05-15 - Added Co-Sponsor Rep. Mary Gill
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 4 2025 - 25% progression, died in committee
Action: 2025-05-15 - Added Co-Sponsor Rep. Mary Gill
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Makes certain changes concerning estates that contain qualified farm property. Provides that, for the purposes of calculating the State Death Tax Credit, those estates are subject to an exemption of $6,000,000 (rather than an exclusion amount of $4,000,000), which shall be deducted from the net estate value after the net estate value is computed in accordance with the Act. Provides that the exemption shall be adjusted each year according to the increase in the Consumer Price Index. Makes changes concerning the calculation of the deceased spousal unused exclusion amount for those estates. Provides for a special use valuation to provide that the value of the qualified farm property shall be calculated without regard to certain limitations under the Internal Revenue Code. Makes changes concerning the definition of "qualified heir".
Title
ESTATE TAX-SPECIAL USE
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2025-05-15 | House | Added Co-Sponsor Rep. Mary Gill |
| 2025-05-15 | House | Added Co-Sponsor Rep. Regan Deering |
| 2025-05-08 | House | Added Co-Sponsor Rep. Tracy Katz Muhl |
| 2025-04-11 | House | Added Co-Sponsor Rep. Angelica Guerrero-Cuellar |
| 2025-04-11 | House | Added Co-Sponsor Rep. Yolonda Morris |
| 2025-04-09 | House | Added Co-Sponsor Rep. Nicolle Grasse |
| 2025-03-21 | House | Rule 19(a) / Re-referred to Rules Committee |
| 2025-03-18 | House | Added Co-Sponsor Rep. John M. Cabello |
| 2025-03-13 | House | Added Co-Sponsor Rep. Jed Davis |
| 2025-03-06 | House | Added Co-Sponsor Rep. Dave Vella |
| 2025-03-06 | House | Added Co-Sponsor Rep. William "Will" Davis |
| 2025-03-06 | House | Added Co-Sponsor Rep. Chris Miller |
| 2025-03-06 | House | Added Co-Sponsor Rep. Maurice A. West, II |
| 2025-03-06 | House | To Tax Policy: Other Taxes Subcommittee |
| 2025-03-05 | House | Added Co-Sponsor Rep. David Friess |
| 2025-03-05 | House | Added Co-Sponsor Rep. Martin McLaughlin |
| 2025-03-05 | House | Added Co-Sponsor Rep. Amy L. Grant |
| 2025-03-05 | House | Added Co-Sponsor Rep. Jennifer Sanalitro |
| 2025-03-05 | House | Added Co-Sponsor Rep. Brandun Schweizer |
| 2025-03-05 | House | Added Co-Sponsor Rep. Patrick Sheehan |
| 2025-03-05 | House | Added Co-Sponsor Rep. Brad Halbrook |
| 2025-03-05 | House | Added Co-Sponsor Rep. Patrick Windhorst |
| 2025-03-05 | House | Added Co-Sponsor Rep. Amy Briel |
| 2025-03-04 | House | Assigned to Revenue & Finance Committee |
| 2025-03-04 | House | Added Chief Co-Sponsor Rep. Anthony DeLuca |
| 2025-03-04 | House | Added Chief Co-Sponsor Rep. Katie Stuart |
| 2025-03-04 | House | Added Chief Co-Sponsor Rep. Jay Hoffman |
| 2025-03-04 | House | Added Chief Co-Sponsor Rep. Harry Benton |
| 2025-02-28 | House | Added Co-Sponsor Rep. Dave Severin |
| 2025-02-26 | House | Added Co-Sponsor Rep. Nabeela Syed |
| 2025-02-26 | House | Added Co-Sponsor Rep. Barbara Hernandez |
| 2025-02-26 | House | Added Co-Sponsor Rep. Travis Weaver |
| 2025-02-25 | House | Added Co-Sponsor Rep. Ryan Spain |
| 2025-02-21 | House | Added Co-Sponsor Rep. Jason R. Bunting |
| 2025-02-20 | House | Added Co-Sponsor Rep. Dennis Tipsword |
| 2025-02-20 | House | Added Co-Sponsor Rep. William E Hauter |
| 2025-02-06 | House | Referred to Rules Committee |
| 2025-02-06 | House | First Reading |
| 2025-02-04 | House | Filed with the Clerk by Rep. Sharon Chung |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 35 | 405 | 2 | Amended Code | Citation Text |
| 35 | 405 | 5 | Amended Code | Citation Text |
