SB1688 - 104th General Assembly
ESTATE TAX-SPECIAL USE
Senate Sponsors
Sen. Doris Turner - Paul Faraci - Adriane Johnson - Dale Fowler - David Koehler, Mike Porfirio, Sally J. Turner, Neil Anderson, Andrew S. Chesney, Chapin Rose, Michael W. Halpin, Mary Edly-Allen, Michael E. Hastings, Suzy Glowiak Hilton, Chris Balkema, Meg Loughran Cappel, Dave Syverson, Rachel Ventura, Steve Stadelman, Mark L. Walker, Napoleon Harris, III, Javier L. Cervantes, Sue Rezin, Erica Harriss, Robert Peters, Terri Bryant, Jil Tracy, Jason Plummer and Linda Holmes
Statutes Amended In Order of Appearance
35 ILCS 405/2from Ch. 120, par. 405A-2
35 ILCS 405/5from Ch. 120, par. 405A-5
Synopsis As Introduced
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Makes certain changes concerning 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".
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/05/2025 | Senate | Filed with Secretary by Sen. David Koehler |
| 2/05/2025 | Senate | First Reading |
| 2/05/2025 | Senate | Referred to Assignments |
| 2/05/2025 | Senate | Added as Chief Co-Sponsor Sen. Doris Turner |
| 2/18/2025 | Senate | Added as Chief Co-Sponsor Sen. Paul Faraci |
| 2/20/2025 | Senate | Added as Co-Sponsor Sen. Mike Porfirio |
| 2/20/2025 | Senate | Added as Co-Sponsor Sen. Sally J. Turner |
| 2/25/2025 | Senate | Added as Co-Sponsor Sen. Neil Anderson |
| 2/26/2025 | Senate | Added as Co-Sponsor Sen. Andrew S. Chesney |
| 2/26/2025 | Senate | Added as Co-Sponsor Sen. Chapin Rose |
| 2/26/2025 | Senate | Added as Co-Sponsor Sen. Michael W. Halpin |
| 2/27/2025 | Senate | Added as Co-Sponsor Sen. Mary Edly-Allen |
| 3/05/2025 | Senate | Added as Co-Sponsor Sen. Michael E. Hastings |
| 3/05/2025 | Senate | Added as Co-Sponsor Sen. Suzy Glowiak Hilton |
| 3/06/2025 | Senate | Added as Co-Sponsor Sen. Chris Balkema |
| 3/10/2025 | Senate | Added as Co-Sponsor Sen. Meg Loughran Cappel |
| 3/18/2025 | Senate | Added as Co-Sponsor Sen. Dave Syverson |
| 3/19/2025 | Senate | Added as Co-Sponsor Sen. Rachel Ventura |
| 4/01/2025 | Senate | Added as Chief Co-Sponsor Sen. Adriane Johnson |
| 4/02/2025 | Senate | Added as Chief Co-Sponsor Sen. Dale Fowler |
| 4/03/2025 | Senate | Added as Co-Sponsor Sen. Steve Stadelman |
| 4/04/2025 | Senate | Added as Co-Sponsor Sen. Mark L. Walker |
| 4/08/2025 | Senate | Added as Co-Sponsor Sen. Napoleon Harris, III |
| 4/11/2025 | Senate | Added as Co-Sponsor Sen. Javier L. Cervantes |
| 5/06/2025 | Senate | Added as Co-Sponsor Sen. Sue Rezin |
| 5/07/2025 | Senate | Added as Co-Sponsor Sen. Erica Harriss |
| 5/08/2025 | Senate | Added as Co-Sponsor Sen. Robert Peters |
| 5/12/2025 | Senate | Added as Co-Sponsor Sen. Terri Bryant |
| 5/21/2025 | Senate | Added as Co-Sponsor Sen. Jil Tracy |
| 5/21/2025 | Senate | Added as Co-Sponsor Sen. Jason Plummer |
| 5/26/2025 | Senate | Sponsor Removed Sen. Doris Turner |
| 5/26/2025 | Senate | Chief Sponsor Changed to Sen. Doris Turner |
| 5/28/2025 | Senate | Added as Chief Co-Sponsor Sen. David Koehler |
| 5/29/2025 | Senate | Added as Co-Sponsor Sen. Linda Holmes |