Illinois General Assembly - Bill Status for HB4519

Synopsis As Introduced
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, for persons dying on or after January 1, 2024 and prior to January 1, 2026, the exclusion amount shall be the applicable exclusion amount calculated under the Internal Revenue Code (currently, the exclusion amount for Illinois estate tax purposes is $4,000,000). Provides that, for persons dying on or after January 1, 2026, the exclusion amount shall be the greater of (i) the applicable exclusion amount calculated under the Internal Revenue Code or (ii) the exclusion amount amount that would have been calculated under the Internal Revenue Code if the decedent had died in calendar year 2025. Effective immediately.

Actions

Date	Chamber	Action
1/19/2024	House	Filed with the Clerk by Rep. Ryan Spain
1/23/2024	House	Added Co-Sponsor Rep. Tony M. McCombie
1/31/2024	House	First Reading
1/31/2024	House	Referred to Rules Committee
2/20/2024	House	Added Co-Sponsor Rep. Jackie Haas
3/18/2024	House	Added Co-Sponsor Rep. Michael J. Coffey, Jr.

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