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IL HB3684

Bill

Official Source

Status

Failed

1/7/2025

Primary Sponsor

Dave Severin

Click for details

Origin

House of Representatives

103rd General Assembly

AI Summary

HB3684 Summary

  • Increases the Illinois estate and generation-skipping transfer tax exclusion amount from $4,000,000 to $6,000,000 for persons dying on or after January 1, 2024.

  • Amends Section 2 of the Illinois Estate and Generation-Skipping Transfer Tax Act (35 ILCS 405/2) to recognize the higher exclusion amount in calculating state tax credits.

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

  • Takes effect immediately upon becoming law.

Legislative Description

ESTATE TX-EXCLUSION AMOUNT

Last Action

Session Sine Die

1/7/2025

Committee Referrals

Rules3/10/2023
Tax Credit and Incentives3/9/2023
Revenue & Finance2/28/2023
Rules2/17/2023

Full Bill Text

No bill text available