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IL HB2601

Bill

Official Source

Status

Introduced

2/4/2025

Primary Sponsor

Adam Niemerg

Click for details

Origin

House of Representatives

104th General Assembly

AI Summary

  • Doubles the Illinois estate tax exclusion amount from $4,000,000 to $8,000,000 for persons dying on or after January 1, 2026

  • Amends the Illinois Estate and Generation-Skipping Transfer Tax Act by modifying the "State tax credit" definition

  • Takes effect immediately upon becoming law

  • Maintains existing exclusion thresholds for earlier periods: $2,000,000 for deaths before January 1, 2012; $3,500,000 for deaths from January 1, 2012 through December 31, 2012; and $4,000,000 for deaths from January 1, 2013 through December 31, 2025

Legislative Description

ESTATE TAX-EXCLUSION AMT

Last Action

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

3/21/2025

Committee Referrals

Rules3/21/2025
Tax Policy: Other Taxes3/6/2025
Revenue & Finance3/4/2025
Rules2/6/2025

Full Bill Text

No bill text available