IL HB4650 | 2015-2016 | 99th General Assembly
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 2 2016 - 25% progression, died in committee
Action: 2016-04-08 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 2 2016 - 25% progression, died in committee
Action: 2016-04-08 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that the value of farm property transferred to a qualified heir shall not be included in the decedent's taxable estate for the purposes of calculating the State tax credit if any qualified heir of the decedent will be engaged in active management of the farm for a period of at least 10 years after the date of the transfer, or until the death of that qualified heir, whichever occurs first. Defines "active management", "farm property", and "qualified heir". Effective immediately.
Title
ESTATE TAX-FARM PROPERTY
Sponsors
History
Date | Chamber | Action |
---|---|---|
2016-04-08 | House | Rule 19(a) / Re-referred to Rules Committee |
2016-03-29 | House | To Sales and Other Taxes Subcommittee |
2016-03-23 | House | Assigned to Revenue & Finance Committee |
2016-02-05 | House | Referred to Rules Committee |
2016-02-05 | House | First Reading |
2016-02-02 | House | Filed with the Clerk by Rep. Stephanie A. Kifowit |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
35 | 405 | 2 | Amended Code | Citation Text |
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4650&GAID=13&DocTypeID=HB&SessionID=88&GA=99 |
Text | https://www.ilga.gov/legislation/99/HB/09900HB4650.htm |