Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-04-08 - Rule 19(a) / Re-referred to Rules Committee [HB4650 Detail]

Text: Latest bill text (Introduced) [HTML]

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