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HB2677 - 104th General Assembly
ESTATE TAX-SPECIAL USE
Last Action
House Sponsors
Rep. Sharon Chung - Harry Benton - Jay Hoffman - Katie Stuart - Anthony DeLuca, William E Hauter, Dennis Tipsword, Jason R. Bunting, Ryan Spain, Travis Weaver, Barbara Hernandez, Nabeela Syed, Dave Severin, Amy Briel, Patrick Windhorst, Brad Halbrook, Patrick Sheehan, Brandun Schweizer, Jennifer Sanalitro, Amy L. Grant, Martin McLaughlin, David Friess, Maurice A. West, II, Chris Miller, William "Will" Davis, Dave Vella, Jed Davis, John M. Cabello, Nicolle Grasse, Yolonda Morris, Angelica Guerrero-Cuellar, Tracy Katz Muhl, Regan Deering and Mary GillStatutes Amended In Order of Appearance
35 ILCS 405/2from Ch. 120, par. 405A-2
35 ILCS 405/5from Ch. 120, par. 405A-5
Synopsis As Introduced
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".
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/04/2025 | House | Filed with the Clerk by Rep. Sharon Chung |
| 2/06/2025 | House | First Reading |
| 2/06/2025 | House | Referred to Rules Committee |
| 2/20/2025 | House | Added Co-Sponsor Rep. William E Hauter |
| 2/20/2025 | House | Added Co-Sponsor Rep. Dennis Tipsword |
| 2/21/2025 | House | Added Co-Sponsor Rep. Jason R. Bunting |
| 2/25/2025 | House | Added Co-Sponsor Rep. Ryan Spain |
| 2/26/2025 | House | Added Co-Sponsor Rep. Travis Weaver |
| 2/26/2025 | House | Added Co-Sponsor Rep. Barbara Hernandez |
| 2/26/2025 | House | Added Co-Sponsor Rep. Nabeela Syed |
| 2/28/2025 | House | Added Co-Sponsor Rep. Dave Severin |
| 3/04/2025 | House | Added Chief Co-Sponsor Rep. Harry Benton |
| 3/04/2025 | House | Added Chief Co-Sponsor Rep. Jay Hoffman |
| 3/04/2025 | House | Added Chief Co-Sponsor Rep. Katie Stuart |
| 3/04/2025 | House | Added Chief Co-Sponsor Rep. Anthony DeLuca |
| 3/04/2025 | House | Assigned to Revenue & Finance Committee |
| 3/05/2025 | House | Added Co-Sponsor Rep. Amy Briel |
| 3/05/2025 | House | Added Co-Sponsor Rep. Patrick Windhorst |
| 3/05/2025 | House | Added Co-Sponsor Rep. Brad Halbrook |
| 3/05/2025 | House | Added Co-Sponsor Rep. Patrick Sheehan |
| 3/05/2025 | House | Added Co-Sponsor Rep. Brandun Schweizer |
| 3/05/2025 | House | Added Co-Sponsor Rep. Jennifer Sanalitro |
| 3/05/2025 | House | Added Co-Sponsor Rep. Amy L. Grant |
| 3/05/2025 | House | Added Co-Sponsor Rep. Martin McLaughlin |
| 3/05/2025 | House | Added Co-Sponsor Rep. David Friess |
| 3/06/2025 | House | To Tax Policy: Other Taxes Subcommittee |
| 3/06/2025 | House | Added Co-Sponsor Rep. Maurice A. West, II |
| 3/06/2025 | House | Added Co-Sponsor Rep. Chris Miller |
| 3/06/2025 | House | Added Co-Sponsor Rep. William "Will" Davis |
| 3/06/2025 | House | Added Co-Sponsor Rep. Dave Vella |
| 3/13/2025 | House | Added Co-Sponsor Rep. Jed Davis |
| 3/18/2025 | House | Added Co-Sponsor Rep. John M. Cabello |
| 3/21/2025 | House | Rule 19(a) / Re-referred to Rules Committee |
| 4/09/2025 | House | Added Co-Sponsor Rep. Nicolle Grasse |
| 4/11/2025 | House | Added Co-Sponsor Rep. Yolonda Morris |
| 4/11/2025 | House | Added Co-Sponsor Rep. Angelica Guerrero-Cuellar |
| 5/08/2025 | House | Added Co-Sponsor Rep. Tracy Katz Muhl |
| 5/15/2025 | House | Added Co-Sponsor Rep. Regan Deering |
| 5/15/2025 | House | Added Co-Sponsor Rep. Mary Gill |