SB 139

Illinois Senate bill in Session 104.

Status: in_committee. Latest action: January 17, 2025.

ESTATE TAX-EXCLUSION AMOUNT.

Bill ID IL-104-SB-139
Session 104
Status in_committee
Senate in_committee 2025-01-17
Tax / Budget / Appropriations
Summary

Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, for persons dying on or after January 1, 2026, the exclusion amount shall be the applicable exclusion amount calculated under Section 2010 of the Internal Revenue Code as that Section exists on the effective date of the amendatory Act, including the inflation adjustment and including any deceased spousal unused exclusion amount (currently, the exclusion amount for Illinois estate tax purposes is $4,000,000). Effective immediately.

Sponsor
Jil Tracy
Official Source Back to Bills
Actions Timeline
Date Event Detail
2025-01-17 Introduced Bill introduced
2025-01-17 Status in_committee
2025-01-17 Latest Action 1/17/2025 - Senate:
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