SB2970 - 104th General Assembly (2025-2026)

ESTATE TAX-SPECIAL USE
Last Action
1/27/2026 - Senate: Referred to Assignments
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
1/27/2026SenateFiled with Secretary by Sen. Mattie Hunter
1/27/2026SenateFirst Reading
1/27/2026SenateReferred to Assignments
1/29/2026SenateChief Sponsor Changed to Sen. Doris Turner
2/20/2026SenateAdded as Co-Sponsor Sen. Javier L. Cervantes
2/25/2026SenateAdded as Co-Sponsor Sen. Suzy Glowiak Hilton
2/25/2026SenateAdded as Co-Sponsor Sen. Patrick J. Joyce
2/25/2026SenateAdded as Chief Co-Sponsor Sen. Patrick J. Joyce
2/26/2026SenateAdded as Co-Sponsor Sen. Terri Bryant
2/26/2026SenateAdded as Co-Sponsor Sen. Paul Faraci
2/26/2026SenateAdded as Co-Sponsor Sen. Linda Holmes
2/26/2026SenateAdded as Co-Sponsor Sen. Christopher Belt
2/27/2026SenateAdded as Co-Sponsor Sen. Andrew S. Chesney
2/27/2026SenateAdded as Co-Sponsor Sen. Meg Loughran Cappel