Illinois General Assembly - Bill Status for HB2677
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 Bill Status of HB2677  104th General Assembly

Short Description:  ESTATE TAX-SPECIAL USE

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 and John M. Cabello

Hearings
Tax Policy: Other Taxes Subcommittee Hearing Mar 20 2025 8:08AM Capitol Building 114 and Virtual Room 1 Springfield, IL
Tax Policy: Other Taxes Subcommittee Hearing Mar 20 2025 2:08PM Stratton Building Room D-1 Springfield, IL
Revenue & Finance Committee Hearing Mar 20 2025 8:00AM Capitol Building 114 and Virtual Room 1 Springfield, IL
Revenue & Finance Committee Hearing Mar 20 2025 2:00PM Stratton Building Room D-1 Springfield, IL


Last Action
DateChamber Action
  3/6/2025HouseTo Tax Policy: Other Taxes Subcommittee

Statutes 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 
DateChamber Action
  2/4/2025HouseFiled with the Clerk by Rep. Sharon Chung
  2/6/2025HouseFirst Reading
  2/6/2025HouseReferred to Rules Committee
  2/20/2025HouseAdded Co-Sponsor Rep. William E Hauter
  2/20/2025HouseAdded Co-Sponsor Rep. Dennis Tipsword
  2/21/2025HouseAdded Co-Sponsor Rep. Jason R. Bunting
  2/25/2025HouseAdded Co-Sponsor Rep. Ryan Spain
  2/26/2025HouseAdded Co-Sponsor Rep. Travis Weaver
  2/26/2025HouseAdded Co-Sponsor Rep. Barbara Hernandez
  2/26/2025HouseAdded Co-Sponsor Rep. Nabeela Syed
  2/28/2025HouseAdded Co-Sponsor Rep. Dave Severin
  3/4/2025HouseAdded Chief Co-Sponsor Rep. Harry Benton
  3/4/2025HouseAdded Chief Co-Sponsor Rep. Jay Hoffman
  3/4/2025HouseAdded Chief Co-Sponsor Rep. Katie Stuart
  3/4/2025HouseAdded Chief Co-Sponsor Rep. Anthony DeLuca
  3/4/2025HouseAssigned to Revenue & Finance Committee
  3/5/2025HouseAdded Co-Sponsor Rep. Amy Briel
  3/5/2025HouseAdded Co-Sponsor Rep. Patrick Windhorst
  3/5/2025HouseAdded Co-Sponsor Rep. Brad Halbrook
  3/5/2025HouseAdded Co-Sponsor Rep. Patrick Sheehan
  3/5/2025HouseAdded Co-Sponsor Rep. Brandun Schweizer
  3/5/2025HouseAdded Co-Sponsor Rep. Jennifer Sanalitro
  3/5/2025HouseAdded Co-Sponsor Rep. Amy L. Grant
  3/5/2025HouseAdded Co-Sponsor Rep. Martin McLaughlin
  3/5/2025HouseAdded Co-Sponsor Rep. David Friess
  3/6/2025HouseTo Tax Policy: Other Taxes Subcommittee
  3/6/2025HouseAdded Co-Sponsor Rep. Maurice A. West, II
  3/6/2025HouseAdded Co-Sponsor Rep. Chris Miller
  3/6/2025HouseAdded Co-Sponsor Rep. William "Will" Davis
  3/6/2025HouseAdded Co-Sponsor Rep. Dave Vella
  3/13/2025HouseAdded Co-Sponsor Rep. Jed Davis
  3/18/2025HouseAdded Co-Sponsor Rep. John M. Cabello

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