Bill Status of SB 1735   104th General Assembly

Short Description:  ESTATE TAX-PHASE OUT

Senate Sponsors
Sen. Jil Tracy, Patrick J. Joyce, Terri Bryant, Sally J. Turner, Seth Lewis, Donald P. DeWitte and Chris Balkema

Last Action  View All Actions

DateChamber Action
  2/5/2025SenateReferred to Assignments

Statutes Amended In Order of Appearance
35 ILCS 405/3from Ch. 120, par. 405A-3
35 ILCS 405/4from Ch. 120, par. 405A-4
35 ILCS 405/19 new

Synopsis As Introduced
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 Provides that the Act is repealed on January 1, 2031.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.

Actions 
DateChamber Action
  2/5/2025SenateFiled with Secretary by Sen. Jil Tracy
  2/5/2025SenateFirst Reading
  2/5/2025SenateReferred to Assignments
  2/6/2025SenateAdded as Co-Sponsor Sen. Patrick J. Joyce
  2/6/2025SenateAdded as Co-Sponsor Sen. Terri Bryant
  2/18/2025SenateAdded as Co-Sponsor Sen. Sally J. Turner
  2/18/2025SenateAdded as Co-Sponsor Sen. Seth Lewis
  2/20/2025SenateAdded as Co-Sponsor Sen. Donald P. DeWitte
  4/2/2025SenateAdded as Co-Sponsor Sen. Chris Balkema

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