Bill Status of SB2038

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SB2038 - 104th General Assembly

ESTATE TAX-COMPUTATION
Last Action
2/06/2025 - Senate: Referred to Assignments
Senate Sponsors
Sen. Celina Villanueva and Rachel Ventura
Statutes Amended In Order of Appearance
35 ILCS 405/2from Ch. 120, par. 405A-2
35 ILCS 405/3from Ch. 120, par. 405A-3
35 ILCS 405/4from Ch. 120, par. 405A-4
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 amount of the Illinois estate tax shall be the amount of the Illinois taxable estate, multiplied by the Illinois estate tax rate. Sets forth the estate tax rate. Provides that the "Illinois taxable estate" means the decedent's federal gross estate, subject to certain modifications, including a deduction in the amount of $4,000,000. Makes conforming changes with respect to the generation-skipping transfer tax. Effective immediately.
Actions
Date Chamber Action
2/06/2025 Senate Filed with Secretary by Sen. Celina Villanueva
2/06/2025 Senate First Reading
2/06/2025 Senate Referred to Assignments
4/30/2025 Senate Added as Co-Sponsor Sen. Rachel Ventura