IL HB4600 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Slight Partisan Bill (Democrat 17-11)
Status: Introduced on January 29 2024 - 25% progression
Action: 2024-05-23 - Added Co-Sponsor Rep. Natalie A. Manley
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 29 2024 - 25% progression
Action: 2024-05-23 - Added Co-Sponsor Rep. Natalie A. Manley
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Makes certain changes concerning estates that contain qualified farm property. Provides that, for the purposes of calculating the State Death Tax Credit, those estates are subject to an exemption of $6,000,000 (rather than an exclusion amount of $4,000,000), which shall be deducted from the net estate value after the net estate value is computed in accordance with the Act. Provides that the exemption shall be adjusted each year according to the increase in the Consumer Price Index. Makes changes concerning the calculation of the deceased spousal unused exclusion amount for those estates. Provides for a special use valuation to provide that the value of the qualified farm property shall be calculated without regard to certain limitations under the Internal Revenue Code. Makes changes concerning the definition of "qualified heir" to provide that a decedent's brother, sister, uncle, aunt, niece, nephew, or first cousin is also included.
Title
ESTATE TAX-SPECIAL USE
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2024-05-23 | House | Added Co-Sponsor Rep. Natalie A. Manley |
| 2024-05-16 | House | Added Co-Sponsor Rep. Abdelnasser Rashid |
| 2024-04-29 | House | Added Co-Sponsor Rep. Randy E. Frese |
| 2024-04-24 | House | Added Co-Sponsor Rep. Brandun Schweizer |
| 2024-04-05 | House | Rule 19(a) / Re-referred to Rules Committee |
| 2024-03-22 | House | Added Co-Sponsor Rep. Martin J. Moylan |
| 2024-03-19 | House | Added Co-Sponsor Rep. Dennis Tipsword, Jr. |
| 2024-03-19 | House | Added Co-Sponsor Rep. Angelica Guerrero-Cuellar |
| 2024-03-18 | House | Added Co-Sponsor Rep. Michael J. Coffey, Jr. |
| 2024-03-12 | House | Assigned to Revenue & Finance Committee |
| 2024-03-05 | House | Added Co-Sponsor Rep. Patrick Windhorst |
| 2024-03-05 | House | Added Co-Sponsor Rep. Amy Elik |
| 2024-02-22 | House | Added Co-Sponsor Rep. Michelle Mussman |
| 2024-02-21 | House | Added Co-Sponsor Rep. Barbara Hernandez |
| 2024-02-08 | House | Added Co-Sponsor Rep. Dave Vella |
| 2024-02-08 | House | Added Co-Sponsor Rep. Dave Severin |
| 2024-02-07 | House | Added Co-Sponsor Rep. Gregg Johnson |
| 2024-02-07 | House | Added Co-Sponsor Rep. Katie Stuart |
| 2024-02-07 | House | Added Co-Sponsor Rep. Matt Hanson |
| 2024-02-07 | House | Added Co-Sponsor Rep. Anthony DeLuca |
| 2024-02-07 | House | Added Co-Sponsor Rep. Jason Bunting |
| 2024-02-07 | House | Added Co-Sponsor Rep. Joyce Mason |
| 2024-02-07 | House | Added Co-Sponsor Rep. Stephanie A. Kifowit |
| 2024-02-07 | House | Added Co-Sponsor Rep. Charles Meier |
| 2024-02-07 | House | Added Chief Co-Sponsor Rep. Harry Benton |
| 2024-02-07 | House | Added Chief Co-Sponsor Rep. Maurice A. West, II |
| 2024-02-07 | House | Added Chief Co-Sponsor Rep. Norine K. Hammond |
| 2024-02-07 | House | Added Chief Co-Sponsor Rep. Jay Hoffman |
| 2024-02-06 | House | Added Co-Sponsor Rep. Kevin Schmidt |
| 2024-01-31 | House | Referred to Rules Committee |
| 2024-01-31 | House | First Reading |
| 2024-01-29 | House | Filed with the Clerk by Rep. Sharon Chung |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 35 | 405 | 2 | Amended Code | Citation Text |
| 35 | 405 | 5 | Amended Code | Citation Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4600&GAID=17&DocTypeID=HB&SessionID=112&GA=103 |
| Text | https://www.ilga.gov/legislation/103/HB/10300HB4600.htm |
