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Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that the amount of the taxes imposed under the Act shall be reduced in each year by 20%. Provides that no tax shall be imposed under the Act for persons dying on or after January 1, 2030 or for transfers occurring on or after January 1, 2030. Provides that the Act is repealed on January 1, 2031. Effective immediately.
Introduced
Feb 5, 2025
Last Action
Apr 2, 2025
Session
IL 104th
Sponsors
1 primary · 6 co
Added as Co-Sponsor Sen. Chris Balkema
Added as Co-Sponsor Sen. Donald P. DeWitte
Added as Co-Sponsor Sen. Seth Lewis
Added as Co-Sponsor Sen. Sally J. Turner
Added as Co-Sponsor Sen. Terri Bryant
Added as Co-Sponsor Sen. Patrick J. Joyce
Filed with Secretary by Sen. Jil Tracy
Referred to Assignments
First Reading
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Added as Co-Sponsor Sen. Chris Balkema