Illinois General Assembly - Bill Status for HB4600
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 Bill Status of HB4600  103rd General Assembly


Short Description:  ESTATE TAX-SPECIAL USE

House Sponsors
Rep. Sharon Chung - Jay Hoffman - Norine K. Hammond - Maurice A. West, II - Harry Benton, Kevin Schmidt, Charles Meier, Stephanie A. Kifowit, Joyce Mason, Jason Bunting, Anthony DeLuca, Matt Hanson, Katie Stuart, Gregg Johnson, Dave Severin, Dave Vella, Barbara Hernandez, Michelle Mussman, Amy Elik, Patrick Windhorst, Michael J. Coffey, Jr., Angelica Guerrero-Cuellar, Dennis Tipsword, Jr. and Martin J. Moylan

Last Action
DateChamber Action
  4/5/2024HouseRule 19(a) / Re-referred to Rules Committee

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" to provide that a decedent's brother, sister, uncle, aunt, niece, nephew, or first cousin is also included.

Actions 
DateChamber Action
  1/29/2024HouseFiled with the Clerk by Rep. Sharon Chung
  1/31/2024HouseFirst Reading
  1/31/2024HouseReferred to Rules Committee
  2/6/2024HouseAdded Co-Sponsor Rep. Kevin Schmidt
  2/7/2024HouseAdded Chief Co-Sponsor Rep. Jay Hoffman
  2/7/2024HouseAdded Chief Co-Sponsor Rep. Norine K. Hammond
  2/7/2024HouseAdded Chief Co-Sponsor Rep. Maurice A. West, II
  2/7/2024HouseAdded Chief Co-Sponsor Rep. Harry Benton
  2/7/2024HouseAdded Co-Sponsor Rep. Charles Meier
  2/7/2024HouseAdded Co-Sponsor Rep. Stephanie A. Kifowit
  2/7/2024HouseAdded Co-Sponsor Rep. Joyce Mason
  2/7/2024HouseAdded Co-Sponsor Rep. Jason Bunting
  2/7/2024HouseAdded Co-Sponsor Rep. Anthony DeLuca
  2/7/2024HouseAdded Co-Sponsor Rep. Matt Hanson
  2/7/2024HouseAdded Co-Sponsor Rep. Katie Stuart
  2/7/2024HouseAdded Co-Sponsor Rep. Gregg Johnson
  2/8/2024HouseAdded Co-Sponsor Rep. Dave Severin
  2/8/2024HouseAdded Co-Sponsor Rep. Dave Vella
  2/21/2024HouseAdded Co-Sponsor Rep. Barbara Hernandez
  2/22/2024HouseAdded Co-Sponsor Rep. Michelle Mussman
  3/5/2024HouseAdded Co-Sponsor Rep. Amy Elik
  3/5/2024HouseAdded Co-Sponsor Rep. Patrick Windhorst
  3/12/2024HouseAssigned to Revenue & Finance Committee
  3/18/2024HouseAdded Co-Sponsor Rep. Michael J. Coffey, Jr.
  3/19/2024HouseAdded Co-Sponsor Rep. Angelica Guerrero-Cuellar
  3/19/2024HouseAdded Co-Sponsor Rep. Dennis Tipsword, Jr.
  3/22/2024HouseAdded Co-Sponsor Rep. Martin J. Moylan
  4/5/2024HouseRule 19(a) / Re-referred to Rules Committee

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