Bill Status of HB 4519   103rd General Assembly

Short Description:  ESTATE TAX-EXCLUSION AMOUNT

House Sponsors
Rep. Ryan Spain, Tony M. McCombie, Jackie Haas and Michael J. Coffey, Jr.

Last Action  View All Actions

DateChamber Action
  1/7/2025HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 405/2from Ch. 120, par. 405A-2

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 
DateChamber Action
  1/19/2024HouseFiled with the Clerk by Rep. Ryan Spain
  1/23/2024HouseAdded Co-Sponsor Rep. Tony M. McCombie
  1/31/2024HouseFirst Reading
  1/31/2024HouseReferred to Rules Committee
  2/20/2024HouseAdded Co-Sponsor Rep. Jackie Haas
  3/18/2024HouseAdded Co-Sponsor Rep. Michael J. Coffey, Jr.
  1/7/2025HouseSession Sine Die

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