SB1627 Summary

• Amends the Illinois Estate and Generation-Skipping Transfer Tax Act to exclude the value of qualified farm property from a decedent's adjusted taxable estate for persons dying on or after January 1, 2024.

• Defines "qualified farm property" as farm property the decedent owned for at least 5 years before death and from which the decedent made qualified donations in at least 5 separate calendar years totaling at least 1% of annual farm yield.

• Defines "qualified donation" as donations to Illinois food banks (that received Emergency Food Assistance Program funding) of agricultural commodities suitable for human consumption, cash donations, or combinations thereof.

• Defines "food bank" as an Illinois food bank that received TEFAP funding in the year the qualified donation was made.

• Takes effect immediately upon becoming law.