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IL HB4330

Bill

Official Source

Status

Introduced

1/3/2022

Primary Sponsor

Thomas Bennett

Click for details

Origin

House of Representatives

102nd General Assembly

AI Summary

  • Raises the Illinois estate tax exclusion amount from $4,000,000 to match the federal applicable exclusion amount under Internal Revenue Code Section 2010, effective for persons dying on or after January 1, 2023

  • Allows Illinois to recognize the deceased spousal unused exclusion amount (portability), permitting a surviving spouse to use their deceased spouse's unused federal estate tax exclusion

  • Amends the Illinois Estate and Generation-Skipping Transfer Tax Act by modifying Section 2 definitions related to the state tax credit calculation

  • Takes effect immediately upon becoming law

Legislative Description

ESTATE TAX-EXCLUSION AMOUNT

Last Action

Rule 19(a) / Re-referred to Rules Committee

2/18/2022

Committee Referrals

Rules2/18/2022
Sales, Amusement & Other Taxes2/15/2022
Revenue & Finance2/9/2022
Rules1/5/2022

Full Bill Text

No bill text available