ESTATE TAX-SPECIAL USE Senate SponsorsSen. David Koehler-Linda Holmes-Patrick J. Joyce-Sue Rezin-Paul Faraci, Doris Turner, Tom Bennett, Suzy Glowiak Hilton, Andrew S. Chesney, Sally J. Turner, Craig Wilcox, Terri Bryant, Win Stoller, Erica Harriss, Adriane Johnson, Cristina Castro, Napoleon Harris, III, Julie A. Morrison, Michael W. Halpin, Lakesia Collins, Mattie Hunter, Neil Anderson, Dale Fowler, Jil Tracy, Jason Plummer, Meg Loughran Cappel and Mike Porfirio 1/7/2025SenateSession Sine Die 35 ILCS 405/2from Ch. 120, par. 405A-235 ILCS 405/5from Ch. 120, par. 405A-5Amends 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. 1/26/2024SenateFiled with Secretary by Sen. David Koehler 1/26/2024SenateFirst Reading 1/26/2024SenateReferred to Assignments 1/26/2024SenateAdded as Chief Co-Sponsor Sen. Linda Holmes 1/26/2024SenateAdded as Chief Co-Sponsor Sen. Patrick J. Joyce 1/26/2024SenateAdded as Chief Co-Sponsor Sen. Sue Rezin 1/26/2024SenateAdded as Chief Co-Sponsor Sen. Paul Faraci 1/29/2024SenateAdded as Co-Sponsor Sen. Doris Turner 1/30/2024SenateAdded as Co-Sponsor Sen. Tom Bennett 1/30/2024SenateAdded as Co-Sponsor Sen. Suzy Glowiak Hilton 2/1/2024SenateAdded as Co-Sponsor Sen. Andrew S. Chesney 2/7/2024SenateAdded as Co-Sponsor Sen. Sally J. Turner 2/21/2024SenateAdded as Co-Sponsor Sen. Craig Wilcox 2/21/2024SenateAdded as Co-Sponsor Sen. Terri Bryant 2/29/2024SenateAdded as Co-Sponsor Sen. Win Stoller 3/5/2024SenateAdded as Co-Sponsor Sen. Erica Harriss 3/6/2024SenateAdded as Co-Sponsor Sen. Adriane Johnson 3/14/2024SenateAdded as Co-Sponsor Sen. Cristina Castro 3/14/2024SenateAdded as Co-Sponsor Sen. Napoleon Harris, III 3/14/2024SenateAdded as Co-Sponsor Sen. Julie A. Morrison 3/15/2024SenateAdded as Co-Sponsor Sen. Michael W. Halpin 3/20/2024SenateAdded as Co-Sponsor Sen. Lakesia Collins 5/21/2024SenateAdded as Co-Sponsor Sen. Mattie Hunter 5/22/2024SenateAdded as Co-Sponsor Sen. Neil Anderson 5/22/2024SenateAdded as Co-Sponsor Sen. Dale Fowler 5/23/2024SenateAdded as Co-Sponsor Sen. Jil Tracy 7/11/2024SenateAdded as Co-Sponsor Sen. Jason Plummer 7/30/2024SenateAdded as Co-Sponsor Sen. Meg Loughran Cappel 9/11/2024SenateAdded as Co-Sponsor Sen. Mike Porfirio 1/7/2025SenateSession Sine Die