IL SB2921 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Bipartisan Bill
Status: Introduced on January 26 2024 - 25% progression
Action: 2024-03-20 - Added as Co-Sponsor Sen. Lakesia Collins
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 26 2024 - 25% progression
Action: 2024-03-20 - Added as Co-Sponsor Sen. Lakesia Collins
Pending: Senate Assignments 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.
Title
ESTATE TAX-SPECIAL USE
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2024-03-20 | Senate | Added as Co-Sponsor Sen. Lakesia Collins |
| 2024-03-15 | Senate | Added as Co-Sponsor Sen. Michael W. Halpin |
| 2024-03-14 | Senate | Added as Co-Sponsor Sen. Julie A. Morrison |
| 2024-03-14 | Senate | Added as Co-Sponsor Sen. Napoleon Harris, III |
| 2024-03-14 | Senate | Added as Co-Sponsor Sen. Cristina Castro |
| 2024-03-06 | Senate | Added as Co-Sponsor Sen. Adriane Johnson |
| 2024-03-05 | Senate | Added as Co-Sponsor Sen. Erica Harriss |
| 2024-02-29 | Senate | Added as Co-Sponsor Sen. Win Stoller |
| 2024-02-21 | Senate | Added as Co-Sponsor Sen. Terri Bryant |
| 2024-02-21 | Senate | Added as Co-Sponsor Sen. Craig Wilcox |
| 2024-02-07 | Senate | Added as Co-Sponsor Sen. Sally J. Turner |
| 2024-02-01 | Senate | Added as Co-Sponsor Sen. Andrew S. Chesney |
| 2024-01-30 | Senate | Added as Co-Sponsor Sen. Suzy Glowiak Hilton |
| 2024-01-30 | Senate | Added as Co-Sponsor Sen. Tom Bennett |
| 2024-01-29 | Senate | Added as Co-Sponsor Sen. Doris Turner |
| 2024-01-26 | Senate | Added as Chief Co-Sponsor Sen. Paul Faraci |
| 2024-01-26 | Senate | Added as Chief Co-Sponsor Sen. Sue Rezin |
| 2024-01-26 | Senate | Added as Chief Co-Sponsor Sen. Patrick J. Joyce |
| 2024-01-26 | Senate | Added as Chief Co-Sponsor Sen. Linda Holmes |
| 2024-01-26 | Senate | Referred to Assignments |
| 2024-01-26 | Senate | First Reading |
| 2024-01-26 | Senate | Filed with Secretary by Sen. David Koehler |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 35 | 405 | 2 | Amended Code | Citation Text |
| 35 | 405 | 5 | Amended Code | Citation Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2921&GAID=17&DocTypeID=SB&SessionID=112&GA=103 |
| Text | https://www.ilga.gov/legislation/103/SB/10300SB2921.htm |
