HB 4650 Illinois House · 99th Regular Session

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

Feb 2016

Committee Review

Floor Vote

Governor

Introduced Feb 2, 2016 Last action Jan 10, 2017

Floor votes

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Apr 8, 2016

Committee

Rule 19(a) / Re-referred to Rules Committee

lower

Mar 29, 2016

Lower · Passed

To Sales and Other Taxes Subcommittee

lower

Mar 23, 2016

Committee

Assigned to Revenue & Finance Committee

lower

Feb 5, 2016

Committee

Referred to Rules Committee

lower

0 primary · 1 co-sponsor