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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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator David Koehler [D]	Primary	Sponsored Bills	SD-046	FollowTheMoney	Ballotpedia	VoteSmart
Senator Dale Fowler [R]	Cosponsor	Sponsored Bills	SD-059	FollowTheMoney	Ballotpedia	VoteSmart
Senator Christopher Belt [D]	Cosponsor	Sponsored Bills	SD-057	FollowTheMoney	Ballotpedia	VoteSmart
Senator Sally Turner [R]	Cosponsor	Sponsored Bills	SD-044	FollowTheMoney	Ballotpedia	VoteSmart

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