HB3661 103RD GENERAL ASSEMBLY

LRB103 05175 HLH 50190 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB3661

Introduced 2/17/2023, 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.

A BILL FOR

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.