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".
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Added Co-Sponsor Rep. Regan Deering
Added Co-Sponsor Rep. Mary Gill
Added Co-Sponsor Rep. Tracy Katz Muhl
Added Co-Sponsor Rep. Angelica Guerrero-Cuellar
Added Co-Sponsor Rep. Yolonda Morris
Added Co-Sponsor Rep. Nicolle Grasse
Rule 19(a) / Re-referred to Rules Committee
Added Co-Sponsor Rep. John M. Cabello
Added Co-Sponsor Rep. Jed Davis
Added Co-Sponsor Rep. Maurice A. West, II
Added Co-Sponsor Rep. Dave Vella
Added Co-Sponsor Rep. William "Will" Davis
Added Co-Sponsor Rep. Chris Miller
To Tax Policy: Other Taxes Subcommittee
Added Co-Sponsor Rep. Patrick Sheehan
Added Co-Sponsor Rep. Amy Briel
Added Co-Sponsor Rep. Patrick Windhorst
Added Co-Sponsor Rep. Brad Halbrook
Added Co-Sponsor Rep. Brandun Schweizer
Added Co-Sponsor Rep. Jennifer Sanalitro
Added Co-Sponsor Rep. Amy L. Grant
Added Co-Sponsor Rep. Martin McLaughlin
Added Co-Sponsor Rep. David Friess
Assigned to Revenue & Finance Committee
Added Chief Co-Sponsor Rep. Anthony DeLuca
Added Chief Co-Sponsor Rep. Katie Stuart
Added Chief Co-Sponsor Rep. Jay Hoffman
Added Chief Co-Sponsor Rep. Harry Benton
Added Co-Sponsor Rep. Dave Severin
Added Co-Sponsor Rep. Travis Weaver
Added Co-Sponsor Rep. Nabeela Syed
Added Co-Sponsor Rep. Barbara Hernandez
Added Co-Sponsor Rep. Ryan Spain
Added Co-Sponsor Rep. Jason R. Bunting
Added Co-Sponsor Rep. William E Hauter
Added Co-Sponsor Rep. Dennis Tipsword
First Reading
Referred to Rules Committee
Filed with the Clerk by Rep. Sharon Chung
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| Introduced | HTML PDF |
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