Illinois Senate Bill 2038

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 6 2025 - 25% progression
Action: 2025-02-06 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, for persons dying on or after January 1, 2026, the amount of the Illinois estate tax shall be the amount of the Illinois taxable estate, multiplied by the Illinois estate tax rate. Sets forth the estate tax rate. Provides that the "Illinois taxable estate" means the decedent's federal gross estate, subject to certain modifications, including a deduction in the amount of $4,000,000. Makes conforming changes with respect to the generation-skipping transfer tax. Effective immediately.

ESTATE TAX-COMPUTATION

Sen. Celina Villanueva [D]

Date	Chamber	Action
2025-02-06	Senate	Referred to Assignments
2025-02-06	Senate	First Reading
2025-02-06	Senate	Filed with Secretary by Sen. Celina Villanueva

Chapter	Article	Section	Citation Type	Statute Text
35	405	2	Amended Code	Citation Text
35	405	3	Amended Code	Citation Text
35	405	4	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2038&GAID=18&DocTypeID=SB&SessionID=114&GA=104
Text	https://www.ilga.gov/legislation/104/SB/10400SB2038.htm