IL HB4600 | 2023-2024 | 103rd General Assembly

Status

Spectrum: Slight Partisan Bill (Democrat 17-11)
Status: Introduced on January 29 2024 - 25% progression
Action: 2024-05-23 - Added Co-Sponsor Rep. Natalie A. Manley
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" to provide that a decedent's brother, sister, uncle, aunt, niece, nephew, or first cousin is also included.

Tracking Information

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Title

ESTATE TAX-SPECIAL USE

Sponsors


History

DateChamberAction
2024-05-23HouseAdded Co-Sponsor Rep. Natalie A. Manley
2024-05-16HouseAdded Co-Sponsor Rep. Abdelnasser Rashid
2024-04-29HouseAdded Co-Sponsor Rep. Randy E. Frese
2024-04-24HouseAdded Co-Sponsor Rep. Brandun Schweizer
2024-04-05HouseRule 19(a) / Re-referred to Rules Committee
2024-03-22HouseAdded Co-Sponsor Rep. Martin J. Moylan
2024-03-19HouseAdded Co-Sponsor Rep. Dennis Tipsword, Jr.
2024-03-19HouseAdded Co-Sponsor Rep. Angelica Guerrero-Cuellar
2024-03-18HouseAdded Co-Sponsor Rep. Michael J. Coffey, Jr.
2024-03-12HouseAssigned to Revenue & Finance Committee
2024-03-05HouseAdded Co-Sponsor Rep. Patrick Windhorst
2024-03-05HouseAdded Co-Sponsor Rep. Amy Elik
2024-02-22HouseAdded Co-Sponsor Rep. Michelle Mussman
2024-02-21HouseAdded Co-Sponsor Rep. Barbara Hernandez
2024-02-08HouseAdded Co-Sponsor Rep. Dave Vella
2024-02-08HouseAdded Co-Sponsor Rep. Dave Severin
2024-02-07HouseAdded Co-Sponsor Rep. Gregg Johnson
2024-02-07HouseAdded Co-Sponsor Rep. Katie Stuart
2024-02-07HouseAdded Co-Sponsor Rep. Matt Hanson
2024-02-07HouseAdded Co-Sponsor Rep. Anthony DeLuca
2024-02-07HouseAdded Co-Sponsor Rep. Jason Bunting
2024-02-07HouseAdded Co-Sponsor Rep. Joyce Mason
2024-02-07HouseAdded Co-Sponsor Rep. Stephanie A. Kifowit
2024-02-07HouseAdded Co-Sponsor Rep. Charles Meier
2024-02-07HouseAdded Chief Co-Sponsor Rep. Harry Benton
2024-02-07HouseAdded Chief Co-Sponsor Rep. Maurice A. West, II
2024-02-07HouseAdded Chief Co-Sponsor Rep. Norine K. Hammond
2024-02-07HouseAdded Chief Co-Sponsor Rep. Jay Hoffman
2024-02-06HouseAdded Co-Sponsor Rep. Kevin Schmidt
2024-01-31HouseReferred to Rules Committee
2024-01-31HouseFirst Reading
2024-01-29HouseFiled with the Clerk by Rep. Sharon Chung

Code Citations

ChapterArticleSectionCitation TypeStatute Text
354052Amended CodeCitation Text
354055Amended CodeCitation Text

Illinois State Sources


Bill Comments

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