Illinois General Assembly - Bill Status for SB0139
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 Bill Status of SB0139  104th General Assembly


Short Description:  ESTATE TAX-EXCLUSION AMOUNT

Senate Sponsors
Sen. Jil Tracy - Chris Balkema, Terri Bryant, Jason Plummer, Sally J. Turner, Seth Lewis and Donald P. DeWitte

Last Action
DateChamber Action
  1/17/2025SenateReferred to Assignments

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, 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.

Actions 
DateChamber Action
  1/17/2025SenateFiled with Secretary by Sen. Jil Tracy
  1/17/2025SenateFirst Reading
  1/17/2025SenateReferred to Assignments
  2/6/2025SenateAdded as Co-Sponsor Sen. Terri Bryant
  2/7/2025SenateAdded as Co-Sponsor Sen. Jason Plummer
  2/18/2025SenateAdded as Co-Sponsor Sen. Sally J. Turner
  2/18/2025SenateAdded as Co-Sponsor Sen. Seth Lewis
  2/20/2025SenateAdded as Chief Co-Sponsor Sen. Chris Balkema
  2/20/2025SenateAdded as Co-Sponsor Sen. Donald P. DeWitte

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