IL HB4519 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Partisan Bill (Republican 4-0)
Status: Introduced on January 19 2024 - 25% progression
Action: 2024-03-18 - Added Co-Sponsor Rep. Michael J. Coffey, Jr.
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 19 2024 - 25% progression
Action: 2024-03-18 - Added Co-Sponsor Rep. Michael J. Coffey, Jr.
Pending: House Rules 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 and prior to January 1, 2026, the exclusion amount shall be the applicable exclusion amount calculated under the Internal Revenue Code (currently, the exclusion amount for Illinois estate tax purposes is $4,000,000). Provides that, for persons dying on or after January 1, 2026, the exclusion amount shall be the greater of (i) the applicable exclusion amount calculated under the Internal Revenue Code or (ii) the exclusion amount amount that would have been calculated under the Internal Revenue Code if the decedent had died in calendar year 2025. Effective immediately.
Title
ESTATE TAX-EXCLUSION AMOUNT
Sponsors
History
Date | Chamber | Action |
---|---|---|
2024-03-18 | House | Added Co-Sponsor Rep. Michael J. Coffey, Jr. |
2024-02-20 | House | Added Co-Sponsor Rep. Jackie Haas |
2024-01-31 | House | Referred to Rules Committee |
2024-01-31 | House | First Reading |
2024-01-23 | House | Added Co-Sponsor Rep. Tony M. McCombie |
2024-01-19 | House | Filed with the Clerk by Rep. Ryan Spain |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
35 | 405 | 2 | Amended Code | Citation Text |
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4519&GAID=17&DocTypeID=HB&SessionID=112&GA=103 |
Text | https://www.ilga.gov/legislation/103/HB/10300HB4519.htm |