Sharon Chung
- Democratic
- Representative
- District 91
Primary
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Makes certain changes concerning estates that contain qualified farm property. Provides that, for the purposes of calculating the State Death Tax Credit, those estates are subject to an exemption of $6,000,000 (rather than an exclusion amount of $4,000,000), which shall be deducted from the net estate value after the net estate value is computed in accordance with the Act. Provides that the exemption shall be adjusted each year according to the increase in the Consumer Price Index. Makes changes concerning the calculation of the deceased spousal unused exclusion amount for those estates. Provides for a special use valuation to provide that the value of the qualified farm property shall be calculated without regard to certain limitations under the Internal Revenue Code. Makes changes concerning the definition of "qualified heir" to provide that a decedent's brother, sister, uncle, aunt, niece, nephew, or first cousin is also included.
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Added Co-Sponsor Rep. Natalie A. Manley
Added Co-Sponsor Rep. Abdelnasser Rashid
Added Co-Sponsor Rep. Randy E. Frese
Added Co-Sponsor Rep. Brandun Schweizer
Rule 19(a) / Re-referred to Rules Committee
Added Co-Sponsor Rep. Martin J. Moylan
Added Co-Sponsor Rep. Dennis Tipsword, Jr.
Added Co-Sponsor Rep. Angelica Guerrero-Cuellar
Added Co-Sponsor Rep. Michael J. Coffey, Jr.
Assigned to Revenue & Finance Committee
Added Co-Sponsor Rep. Patrick Windhorst
Added Co-Sponsor Rep. Amy Elik
Added Co-Sponsor Rep. Michelle Mussman
Added Co-Sponsor Rep. Barbara Hernandez
Added Co-Sponsor Rep. Dave Severin
Added Co-Sponsor Rep. Dave Vella
Added Co-Sponsor Rep. Gregg Johnson
Added Chief Co-Sponsor Rep. Harry Benton
Added Chief Co-Sponsor Rep. Maurice A. West, II
Added Chief Co-Sponsor Rep. Norine K. Hammond
Added Chief Co-Sponsor Rep. Jay Hoffman
Added Co-Sponsor Rep. Katie Stuart
Added Co-Sponsor Rep. Matt Hanson
Added Co-Sponsor Rep. Anthony DeLuca
Added Co-Sponsor Rep. Jason Bunting
Added Co-Sponsor Rep. Joyce Mason
Added Co-Sponsor Rep. Stephanie A. Kifowit
Added Co-Sponsor Rep. Charles Meier
Added Co-Sponsor Rep. Kevin Schmidt
First Reading
Referred to Rules Committee
Filed with the Clerk by Rep. Sharon Chung
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