SB 1627 Illinois Senate · 103rd Regular Session

ESTATE TAX-FARM PROPERTY

Summary

Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, for persons dying on or after January 1, 2024, the person's adjusted taxable estate shall not include the value of the decedent's ownership interest in qualified farm property. Provides that certain donations must be made to food banks for property to be considered qualified farm property. Effective immediately.

Bill status in committee 1 of 4 stages cleared

Introduction

Feb 2023

Committee Review

Floor Vote

Governor

Introduced Feb 8, 2023 Last action Feb 1, 2024

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Mar 31, 2023

Committee

Rule 3-9(a) / Re-referred to Assignments

lower

Mar 31, 2023

Committee

Senate Committee Amendment No. 2 Rule 3-9(a) / Re-referred to Assignments

lower

Mar 31, 2023

Committee

Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments

lower

Mar 29, 2023

Lower · Passed

Senate Committee Amendment No. 2 Assignments Refers to Revenue

lower

Mar 29, 2023

Committee

Senate Committee Amendment No. 2 Referred to Assignments

lower

Mar 29, 2023

Introduced

Senate Committee Amendment No. 2 Filed with Secretary by Sen. David Koehler

lower

Mar 22, 2023

Lower · Passed

Senate Committee Amendment No. 1 Assignments Refers to Revenue

lower

Mar 21, 2023

Committee

Senate Committee Amendment No. 1 Referred to Assignments

lower

Mar 21, 2023

Introduced

Senate Committee Amendment No. 1 Filed with Secretary by Sen. David Koehler

lower

Mar 21, 2023

Lower · Passed

Rule 2-10 Committee Deadline Established As March 31, 2023

lower

Mar 21, 2023

Committee

Re-assigned to Revenue

lower

Mar 10, 2023

Committee

Rule 3-9(a) / Re-referred to Assignments

lower

Feb 14, 2023

Committee

Assigned to Revenue

lower

Feb 8, 2023

Committee

Referred to Assignments

lower

1 primary · 3 co-sponsors