ESTATE TAX-FARM PROPERTY
Summary
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.
Bill status
failed
1 of 4 stages cleared
Introduction
Jan 2017
Committee Review
Floor Vote
Governor
Introduced Jan 24, 2017
Last action Jan 8, 2019
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
10
Key actions
1
Committee
4
Mar 31, 2017
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
Feb 24, 2017
Lower · Passed
To Sales and Other Taxes Subcommittee
lower
Feb 8, 2017
Committee
Assigned to Revenue & Finance Committee
lower
Jan 25, 2017
Committee
Referred to Rules Committee
lower
0 primary · 1 co-sponsor
Sponsors
No sponsor information available.
Ask Maddy
·
AI policy assistant
Ask Maddy about HB 648
Scope: IL
Hi! I can help you understand HB 648. What would you like to know?
Try one of these
i
Maddy answers using official bill text and legislative records. Always verify before sharing.
Sources cited inline