Bill Status of SB 139   104th General Assembly

Short Description:  ESTATE TAX-EXCLUSION AMOUNT

Senate Sponsors
Sen. Jil Tracy

Last Action  View All Actions

DateChamber Action
  1/17/2025SenateReferred to Assignments

Statutes Amended In Order of Appearance
35 ILCS 405/2from Ch. 120, par. 405A-2

Synopsis As Introduced
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, for persons dying on or after January 1, 2026, the exclusion amount shall be the applicable exclusion amount calculated under Section 2010 of the Internal Revenue Code as that Section exists on the effective date of the amendatory Act, including the inflation adjustment and including any deceased spousal unused exclusion amount (currently, the exclusion amount for Illinois estate tax purposes is $4,000,000). Effective immediately.

Actions 
DateChamber Action
  1/17/2025SenateFiled with Secretary by Sen. Jil Tracy
  1/17/2025SenateFirst Reading
  1/17/2025SenateReferred to Assignments

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