ESTATE TAX-EXCLUSION AMT
Summary
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, for persons dying on or after January 1, 2024, the exclusion amount is the greater of $12,900,000 or the applicable exclusion amount calculated under specified provisions of the Internal Revenue Code. Provides that the exclusion amount includes any deceased spousal unused exclusion amount available after a valid election is made under the Internal Revenue Code. Effective immediately.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jul 2023
Committee Review
Floor Vote
Governor
Introduced Jul 31, 2023
Last action Apr 5, 2024
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
6
Key actions
1
Committee
4
Apr 5, 2024
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
Mar 8, 2024
Lower · Passed
To Revenue-Income Tax Subcommittee
lower
Jan 31, 2024
Committee
Assigned to Revenue & Finance Committee
lower
Oct 18, 2023
Committee
Referred to Rules Committee
lower
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Dave Vella
DDemocratic
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