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 Bill Status of HB0648  100th General Assembly


Short Description:  ESTATE TAX-FARM PROPERTY

House Sponsors
Rep. Stephanie A. Kifowit - Jerry Costello, II - Allen Skillicorn - Keith R. Wheeler

Last Action
DateChamber Action
  3/31/2017HouseRule 19(a) / Re-referred to Rules Committee

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 the value of farm property transferred to a qualified heir shall not be included in the decedent's taxable estate for the purposes of calculating the State tax credit if any qualified heir of the decedent will be engaged in active management of the farm for a period of at least 10 years after the date of the transfer, or until the death of that qualified heir, whichever occurs first. Defines "active management", "farm property", and "qualified heir". Effective immediately.

Actions 
DateChamber Action
  1/24/2017HouseFiled with the Clerk by Rep. Stephanie A. Kifowit
  1/25/2017HouseFirst Reading
  1/25/2017HouseReferred to Rules Committee
  2/8/2017HouseAssigned to Revenue & Finance Committee
  2/9/2017HouseAdded Chief Co-Sponsor Rep. Jerry Costello, II
  2/24/2017HouseTo Sales and Other Taxes Subcommittee
  3/16/2017HouseAdded Chief Co-Sponsor Rep. Allen Skillicorn
  3/16/2017HouseAdded Chief Co-Sponsor Rep. Keith R. Wheeler
  3/31/2017HouseRule 19(a) / Re-referred to Rules Committee

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