Illinois General Assembly - Bill Status for HB4650

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

Date	Chamber	Action
2/2/2016	House	Filed with the Clerk by Rep. Stephanie A. Kifowit
2/5/2016	House	First Reading
2/5/2016	House	Referred to Rules Committee
3/23/2016	House	Assigned to Revenue & Finance Committee
3/29/2016	House	To Sales and Other Taxes Subcommittee
4/8/2016	House	Rule 19(a) / Re-referred to Rules Committee
1/10/2017	House	Session Sine Die

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