Illinois General Assembly - Bill Status for SB1688
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 Bill Status of SB1688  104th General Assembly

Short Description:  ESTATE TAX-SPECIAL USE

Senate Sponsors
Sen. David Koehler - Doris Turner - Paul Faraci - Adriane Johnson - Dale Fowler, 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 and Terri Bryant

Last Action
DateChamber Action
  2/5/2025SenateReferred to Assignments

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 
DateChamber Action
  2/5/2025SenateFiled with Secretary by Sen. David Koehler
  2/5/2025SenateFirst Reading
  2/5/2025SenateReferred to Assignments
  2/5/2025SenateAdded as Chief Co-Sponsor Sen. Doris Turner
  2/18/2025SenateAdded as Chief Co-Sponsor Sen. Paul Faraci
  2/20/2025SenateAdded as Co-Sponsor Sen. Mike Porfirio
  2/20/2025SenateAdded as Co-Sponsor Sen. Sally J. Turner
  2/25/2025SenateAdded as Co-Sponsor Sen. Neil Anderson
  2/26/2025SenateAdded as Co-Sponsor Sen. Andrew S. Chesney
  2/26/2025SenateAdded as Co-Sponsor Sen. Chapin Rose
  2/26/2025SenateAdded as Co-Sponsor Sen. Michael W. Halpin
  2/27/2025SenateAdded as Co-Sponsor Sen. Mary Edly-Allen
  3/5/2025SenateAdded as Co-Sponsor Sen. Michael E. Hastings
  3/5/2025SenateAdded as Co-Sponsor Sen. Suzy Glowiak Hilton
  3/6/2025SenateAdded as Co-Sponsor Sen. Chris Balkema
  3/10/2025SenateAdded as Co-Sponsor Sen. Meg Loughran Cappel
  3/18/2025SenateAdded as Co-Sponsor Sen. Dave Syverson
  3/19/2025SenateAdded as Co-Sponsor Sen. Rachel Ventura
  4/1/2025SenateAdded as Chief Co-Sponsor Sen. Adriane Johnson
  4/2/2025SenateAdded as Chief Co-Sponsor Sen. Dale Fowler
  4/3/2025SenateAdded as Co-Sponsor Sen. Steve Stadelman
  4/4/2025SenateAdded as Co-Sponsor Sen. Mark L. Walker
  4/8/2025SenateAdded as Co-Sponsor Sen. Napoleon Harris, III
  4/11/2025SenateAdded as Co-Sponsor Sen. Javier L. Cervantes
  5/6/2025SenateAdded as Co-Sponsor Sen. Sue Rezin
  5/7/2025SenateAdded as Co-Sponsor Sen. Erica Harriss
  5/8/2025SenateAdded as Co-Sponsor Sen. Robert Peters
  5/12/2025SenateAdded as Co-Sponsor Sen. Terri Bryant

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