Illinois 2023-2024 Regular Session

Illinois House Bill HB3661 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3661 Introduced , by Rep. Ryan Spain SYNOPSIS AS INTRODUCED: 35 ILCS 405/4.1 new Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that a decedent dying on or after January 1, 2024 may, in a written revocable testamentary document, allocate all or a portion of the decedent's unused exclusion amount, including any deceased spousal unused exclusion amount that is available to the decedent, to one or more children of the decedent. Provides that, if such an allocation is made, the amount so allocated shall not be available to the decedent's surviving spouse as a deceased spousal unused exclusion amount. Effective immediately. LRB103 05175 HLH 50190 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3661 Introduced , by Rep. Ryan Spain SYNOPSIS AS INTRODUCED: 35 ILCS 405/4.1 new 35 ILCS 405/4.1 new Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that a decedent dying on or after January 1, 2024 may, in a written revocable testamentary document, allocate all or a portion of the decedent's unused exclusion amount, including any deceased spousal unused exclusion amount that is available to the decedent, to one or more children of the decedent. Provides that, if such an allocation is made, the amount so allocated shall not be available to the decedent's surviving spouse as a deceased spousal unused exclusion amount. Effective immediately. LRB103 05175 HLH 50190 b LRB103 05175 HLH 50190 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3661 Introduced , by Rep. Ryan Spain SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 405/4.1 new 35 ILCS 405/4.1 new
4	4	35 ILCS 405/4.1 new
5	5	Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that a decedent dying on or after January 1, 2024 may, in a written revocable testamentary document, allocate all or a portion of the decedent's unused exclusion amount, including any deceased spousal unused exclusion amount that is available to the decedent, to one or more children of the decedent. Provides that, if such an allocation is made, the amount so allocated shall not be available to the decedent's surviving spouse as a deceased spousal unused exclusion amount. Effective immediately.
6	6	LRB103 05175 HLH 50190 b LRB103 05175 HLH 50190 b
7	7	LRB103 05175 HLH 50190 b
8	8	A BILL FOR
9	9	HB3661LRB103 05175 HLH 50190 b HB3661 LRB103 05175 HLH 50190 b
10	10	HB3661 LRB103 05175 HLH 50190 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Illinois Estate and Generation-Skipping
15	15	5 Transfer Tax Act is amended by adding Section 4.1 as follows:
16	16	6 (35 ILCS 405/4.1 new)
17	17	7 Sec. 4.1. Unused exclusion amount; child. Notwithstanding
18	18	8 any other provision of law, a decedent dying on or after
19	19	9 January 1, 2024 may, in a written revocable testamentary
20	20	10 document, allocate all or a portion of the decedent's unused
21	21	11 exclusion amount, including any deceased spousal unused
22	22	12 exclusion amount that is available to the decedent, to one or
23	23	13 more children of the decedent. If such an allocation is made,
24	24	14 the amount so allocated shall not be available to the
25	25	15 decedent's surviving spouse as a deceased spousal unused
26	26	16 exclusion amount.
27	27	17 Section 99. Effective date. This Act takes effect upon
28	28	18 becoming law.
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32	32	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3661 Introduced , by Rep. Ryan Spain SYNOPSIS AS INTRODUCED:
33	33	35 ILCS 405/4.1 new 35 ILCS 405/4.1 new
34	34	35 ILCS 405/4.1 new
35	35	Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that a decedent dying on or after January 1, 2024 may, in a written revocable testamentary document, allocate all or a portion of the decedent's unused exclusion amount, including any deceased spousal unused exclusion amount that is available to the decedent, to one or more children of the decedent. Provides that, if such an allocation is made, the amount so allocated shall not be available to the decedent's surviving spouse as a deceased spousal unused exclusion amount. Effective immediately.
36	36	LRB103 05175 HLH 50190 b LRB103 05175 HLH 50190 b
37	37	LRB103 05175 HLH 50190 b
38	38	A BILL FOR
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44	44	35 ILCS 405/4.1 new
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47	47
48	48	LRB103 05175 HLH 50190 b
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58	58	HB3661 LRB103 05175 HLH 50190 b