Bill Title: Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, for persons dying on or after January 1, 2024, the person's adjusted taxable estate shall not include the value of the decedent's ownership interest in qualified farm property. Provides that certain donations must be made to food banks for property to be considered qualified farm property. Effective immediately.

Spectrum: Bipartisan Bill

Status: (Introduced) 2024-02-01 - Added as Co-Sponsor Sen. Sally J. Turner [SB1627 Detail]

Text: Latest bill text (Introduced) [HTML]

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