2021-2022 Regular Session • Illinois Legislature
HB1940: ESTATE TAX-EXCLUSION AMOUNT
Legislative Summary
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, for persons dying on or after January 1, 2022, the exclusion amount shall be the applicable exclusion amount calculated under Section 2010 of the Internal Revenue Code, including any deceased spousal unused exclusion amount (currently, the exclusion amount for Illinois estate tax purposes is $4,000,000). Effective immediately.
Bill History
2/16/2021
Filed with the Clerk by Rep. Tony McCombie
House of Representatives
2/17/2021
First Reading
House of Representatives
2/17/2021
Referred to Rules Committee
House of Representatives
3/9/2021
Assigned to Revenue & Finance Committee
House of Representatives
3/18/2021
To Sales, Amusement, & Other Taxes Subcommittee
House of Representatives
3/27/2021
Rule 19(a) / Re-referred to Rules Committee
House of Representatives
2/23/2022
Added Co-Sponsor Rep. Joe Sosnowski
House of Representatives
3/15/2022
Added Co-Sponsor Rep. David A. Welter
House of Representatives
3/30/2022
Added Co-Sponsor Rep. Keith R. Wheeler
House of Representatives
Status Information
Current Status
Introduced(2/16/2021)
Chamber
House of Representatives
Committee
Rules(House of Representatives)
Sponsors
Republican: 4
Primary Sponsor
Tony McCombie
Republican