Date	Chamber	Action
11/6/2024	Senate	Referred to Assignments

Statutes Amended In Order of Appearance

35 ILCS 405/2

from Ch. 120, par. 405A-2

35 ILCS 405/2.1 new

35 ILCS 405/5

from 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 $13,610,000 (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" to provide that a decedent's brother, sister, uncle, aunt, niece, nephew, or first cousin is also included.

Actions 

Date	Chamber	Action
11/6/2024	Senate	Filed with Secretary by Sen. Tom Bennett
11/6/2024	Senate	First Reading
11/6/2024	Senate	Referred to Assignments

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