HB1731 - 104th General Assembly (2025-2026)
ESTATE TAX THRESHOLD FIX
Last Action
03/21/2025 - House: Rule 19(a) / Re-referred to Rules Committee
Statutes Amended In Order of Appearance
Synopsis As Introduced
Specifies that the amendatory Act may be referred to as the Estate Tax Inflation Law. Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, for persons dying on or after January 1, 2026, if a valid election has been made under the Internal Revenue Code allowing a person to take into account a federal deceased spousal unused exclusion amount for the purposes of calculating the person's federal estate tax, then the person's Illinois exclusion amount shall include the Illinois deceased spousal unused exclusion amount for the deceased spouse with respect to whom the federal election was made. Provides that the exclusion amount used to calculate the decedent's Illinois estate tax shall be increased each year by the percentage increase, if any, in the Consumer Price Index. Provides that, for the purpose of calculating the Illinois Estate Tax, the State Death Tax Credit shall be calculated only on the portion of the decedent's adjusted taxable estate that exceeds the decedent's Illinois exclusion amount. Effective immediately.
Actions
| Date | Chamber | Action |
|---|---|---|
| 01/24/2025 | House | Filed with the Clerk by Rep. Ryan Spain |
| 01/28/2025 | House | First Reading |
| 01/28/2025 | House | Referred to Rules Committee |
| 02/18/2025 | House | Assigned to Revenue & Finance Committee |
| 03/03/2025 | House | To Tax Policy: Income Tax Subcommittee |
| 03/05/2025 | House | Added Co-Sponsor Rep. Jackie Haas |
| 03/05/2025 | House | Added Co-Sponsor Rep. Norine K. Hammond |
| 03/21/2025 | House | Rule 19(a) / Re-referred to Rules Committee |
| 07/15/2025 | House | Added Co-Sponsor Rep. Brandun Schweizer |