Illinois House Bill 4650 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 2 2016 - 25% progression, died in committee
Action: 2016-04-08 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that the value of farm property transferred to a qualified heir shall not be included in the decedent's taxable estate for the purposes of calculating the State tax credit if any qualified heir of the decedent will be engaged in active management of the farm for a period of at least 10 years after the date of the transfer, or until the death of that qualified heir, whichever occurs first. Defines "active management", "farm property", and "qualified heir". Effective immediately.

ESTATE TAX-FARM PROPERTY

Rep. Stephanie Kifowit [D]

Date	Chamber	Action
2016-04-08	House	Rule 19(a) / Re-referred to Rules Committee
2016-03-29	House	To Sales and Other Taxes Subcommittee
2016-03-23	House	Assigned to Revenue & Finance Committee
2016-02-05	House	Referred to Rules Committee
2016-02-05	House	First Reading
2016-02-02	House	Filed with the Clerk by Rep. Stephanie A. Kifowit

Chapter	Article	Section	Citation Type	Statute Text
35	405	2	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4650&GAID=13&DocTypeID=HB&SessionID=88&GA=99
Text	https://www.ilga.gov/legislation/99/HB/09900HB4650.htm