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IL HB1576

Bill

Official Source

Status

Failed

1/7/2025

Primary Sponsor

Adam Niemerg

Click for details

Origin

House of Representatives

103rd General Assembly

AI Summary

  • Amends the Illinois Estate and Generation-Skipping Transfer Tax Act by increasing the exclusion amount for the state tax credit from $4,000,000 to $8,000,000 for persons dying on or after January 1, 2024.

  • The increased $8,000,000 exclusion amount applies to the calculation of Illinois estate and generation-skipping transfer taxes for decedents dying on or after January 1, 2024.

  • Maintains the previous $4,000,000 exclusion amount for persons dying on or after January 1, 2013 and before January 1, 2024.

  • Effective immediately upon becoming law.

Legislative Description

ESTATE TAX-EXCLUSION AMT

Last Action

Session Sine Die

1/7/2025

Committee Referrals

Rules4/5/2024
Sales, Amusement & Other Taxes3/8/2024
Revenue & Finance3/5/2024
Rules3/10/2023
Sales, Amusement & Other Taxes3/9/2023
Revenue & Finance2/28/2023
Rules1/31/2023

Full Bill Text

No bill text available