Bill Text: IL HB3661 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that a decedent dying on or after January 1, 2024 may, in a written revocable testamentary document, allocate all or a portion of the decedent's unused exclusion amount, including any deceased spousal unused exclusion amount that is available to the decedent, to one or more children of the decedent. Provides that, if such an allocation is made, the amount so allocated shall not be available to the decedent's surviving spouse as a deceased spousal unused exclusion amount. Effective immediately.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced) 2024-03-18 - Added Co-Sponsor Rep. Michael J. Coffey, Jr. [HB3661 Detail]

Download: Illinois-2023-HB3661-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3661 Introduced , by Rep. Ryan Spain SYNOPSIS AS INTRODUCED:
35 ILCS 405/4.1 new
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that a decedent dying on or after January 1, 2024 may, in a written revocable testamentary document, allocate all or a portion of the decedent's unused exclusion amount, including any deceased spousal unused exclusion amount that is available to the decedent, to one or more children of the decedent. Provides that, if such an allocation is made, the amount so allocated shall not be available to the decedent's surviving spouse as a deceased spousal unused exclusion amount. Effective immediately.
LRB103 05175 HLH 50190 b
A BILL FOR
HB3661 LRB103 05175 HLH 50190 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Estate and Generation-Skipping
Transfer Tax Act is amended by adding Section 4.1 as follows:
(35 ILCS 405/4.1 new)
Sec. 4.1. Unused exclusion amount; child. Notwithstanding
any other provision of law, a decedent dying on or after
January 1, 2024 may, in a written revocable testamentary
document, allocate all or a portion of the decedent's unused
exclusion amount, including any deceased spousal unused
exclusion amount that is available to the decedent, to one or
more children of the decedent. If such an allocation is made,
the amount so allocated shall not be available to the
decedent's surviving spouse as a deceased spousal unused
exclusion amount.
Section 99. Effective date. This Act takes effect upon
becoming law.