IL SB1627 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Bipartisan Bill
Status: Introduced on February 8 2023 - 25% progression
Action: 2024-02-01 - Added as Co-Sponsor Sen. Sally J. Turner
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 8 2023 - 25% progression
Action: 2024-02-01 - Added as Co-Sponsor Sen. Sally J. Turner
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, for persons dying on or after January 1, 2024, the person's adjusted taxable estate shall not include the value of the decedent's ownership interest in qualified farm property. Provides that certain donations must be made to food banks for property to be considered qualified farm property. Effective immediately.
Title
ESTATE TAX-FARM PROPERTY
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2024-02-01 | Senate | Added as Co-Sponsor Sen. Sally J. Turner |
| 2023-05-09 | Senate | Added as Co-Sponsor Sen. Christopher Belt |
| 2023-03-31 | Senate | Rule 3-9(a) / Re-referred to Assignments |
| 2023-03-31 | Senate | Senate Committee Amendment No. 2 Rule 3-9(a) / Re-referred to Assignments |
| 2023-03-31 | Senate | Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments |
| 2023-03-29 | Senate | Senate Committee Amendment No. 2 Assignments Refers to Revenue |
| 2023-03-29 | Senate | Senate Committee Amendment No. 2 Referred to Assignments |
| 2023-03-29 | Senate | Senate Committee Amendment No. 2 Filed with Secretary by Sen. David Koehler |
| 2023-03-22 | Senate | Senate Committee Amendment No. 1 Assignments Refers to Revenue |
| 2023-03-21 | Senate | Senate Committee Amendment No. 1 Referred to Assignments |
| 2023-03-21 | Senate | Senate Committee Amendment No. 1 Filed with Secretary by Sen. David Koehler |
| 2023-03-21 | Senate | Rule 2-10 Committee Deadline Established As March 31, 2023 |
| 2023-03-21 | Senate | Re-assigned to Revenue |
| 2023-03-10 | Senate | Rule 3-9(a) / Re-referred to Assignments |
| 2023-02-15 | Senate | Added as Co-Sponsor Sen. Dale Fowler |
| 2023-02-14 | Senate | Assigned to Revenue |
| 2023-02-08 | Senate | Referred to Assignments |
| 2023-02-08 | Senate | First Reading |
| 2023-02-08 | Senate | Filed with Secretary by Sen. David Koehler |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 35 | 405 | 2 | Amended Code | Citation Text |
