Bill Texts: IL SB1627 | 2023-2024 | 103rd General Assembly
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]
Spectrum: Bipartisan Bill
Status: (Introduced) 2024-02-01 - Added as Co-Sponsor Sen. Sally J. Turner [SB1627 Detail]
Bill Drafts
| Revision | Date | Format | Source | View |
|---|---|---|---|---|
| Introduced | 2023-02-08 | HTML/Text | Link | View |
Amendments
| Amendment | Date | Disposition | Format | Source | View |
|---|---|---|---|---|---|
| Senate Amendment 002 | 2023-03-29 | Proposed | HTML/Text | Link | View |
| Senate Amendment 001 | 2023-03-21 | Proposed | HTML/Text | Link | View |
Supplemental Documents
| Title | Description | Date | Format | Source | View |
|---|---|---|---|---|---|
| No supplemental documents for Illinois SB1627 currently on file. | |||||
