Illinois General Assembly - Full Text of HB3661
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Full Text of HB3661  103rd General Assembly

HB3661 103RD GENERAL ASSEMBLY

  
  

 


 
103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB3661

 

Introduced 2/17/2023, by Rep. Ryan Spain

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 405/4.1 new

    Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that a decedent dying on or after January 1, 2024 may, in a written revocable testamentary document, allocate all or a portion of the decedent's unused exclusion amount, including any deceased spousal unused exclusion amount that is available to the decedent, to one or more children of the decedent. Provides that, if such an allocation is made, the amount so allocated shall not be available to the decedent's surviving spouse as a deceased spousal unused exclusion amount. Effective immediately.


LRB103 05175 HLH 50190 b

 

 

A BILL FOR

 

HB3661LRB103 05175 HLH 50190 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Estate and Generation-Skipping
5Transfer Tax Act is amended by adding Section 4.1 as follows:
 
6    (35 ILCS 405/4.1 new)
7    Sec. 4.1. Unused exclusion amount; child. Notwithstanding
8any other provision of law, a decedent dying on or after
9January 1, 2024 may, in a written revocable testamentary
10document, allocate all or a portion of the decedent's unused
11exclusion amount, including any deceased spousal unused
12exclusion amount that is available to the decedent, to one or
13more children of the decedent. If such an allocation is made,
14the amount so allocated shall not be available to the
15decedent's surviving spouse as a deceased spousal unused
16exclusion amount.
 
17    Section 99. Effective date. This Act takes effect upon
18becoming law.