HB4736 - 104th General Assembly (2025-2026)

ESTATE TAX-SPECIAL USE
Last Action
3/12/2026 - House: Assigned to Revenue & Finance Committee
Hearings
Tax Policy: Sales Tax Subcommittee Hearing Mar 26 2026 8:08AM Stratton Building Room D-1 Springfield, IL
Tax Policy: Other Taxes Subcommittee Hearing Mar 26 2026 8:07AM Stratton Building Room D-1 Springfield, IL
Tax Policy: Income Tax Subcommittee Hearing Mar 26 2026 8:06AM Stratton Building Room D-1 Springfield, IL
Tax Policy: Finance Subcommittee Hearing Mar 26 2026 8:05AM Stratton Building Room D-1 Springfield, IL
Tax Credit and Incentives Subcommittee Hearing Mar 26 2026 8:04AM Stratton Building Room D-1 Springfield, IL
Sales Tax Subcommittee Hearing Mar 26 2026 8:03AM Stratton Building Room D-1 Springfield, IL
Revenue & Finance Committee Hearing Mar 26 2026 8:00AM Stratton Building Room D-1 Springfield, IL
Property Tax Subcommittee Hearing Mar 26 2026 8:02AM Stratton Building Room D-1 Springfield, IL
Income Tax Subcommittee Hearing Mar 26 2026 8:01AM Stratton Building Room D-1 Springfield, IL
Finance Subcommittee Hearing Mar 26
Statutes Amended In Order of Appearance
35 ILCS 405/2  from Ch. 120, par. 405A-2
35 ILCS 405/5  from Ch. 120, par. 405A-5
Synopsis As Introduced
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Makes changes concerning the taxes due under the Act on 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". Effective January 1, 2027.
Actions
DateChamberAction
1/30/2026HouseFiled with the Clerk by Rep. Sharon Chung
2/06/2026HouseFirst Reading
2/06/2026HouseReferred to Rules Committee
2/23/2026HouseAdded Chief Co-Sponsor Rep. Dave Vella
2/23/2026HouseAdded Co-Sponsor Rep. Anthony DeLuca
3/02/2026HouseAdded Co-Sponsor Rep. Dave Severin
3/12/2026HouseAssigned to Revenue & Finance Committee
3/12/2026HouseAdded Co-Sponsor Rep. Maurice A. West, II
3/18/2026HouseAdded Chief Co-Sponsor Rep. Jay Hoffman
3/23/2026HouseAdded Co-Sponsor Rep. Michelle Mussman
3/24/2026HouseAdded Co-Sponsor Rep. Rick Ryan
3/24/2026HouseAdded Co-Sponsor Rep. Kimberly Du Buclet
3/24/2026HouseAdded Co-Sponsor Rep. Michael J. Kelly
3/24/2026HouseAdded Co-Sponsor Rep. Nicolle Grasse