IL
Illinois House Bill HB2865

Illinois 2025-2026 Regular Session

Illinois House Bill HB2865 Compare Versions

Only one version of the bill is available at this time.
OldNewDifferences
11 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2865 Introduced , by Rep. Joe C. Sosnowski SYNOPSIS AS INTRODUCED: 35 ILCS 405/3 from Ch. 120, par. 405A-335 ILCS 405/4 from Ch. 120, par. 405A-435 ILCS 405/19 new 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 Provides that the Act is repealed on January 1, 2031.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. LRB104 06572 HLH 16608 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2865 Introduced , by Rep. Joe C. Sosnowski SYNOPSIS AS INTRODUCED: 35 ILCS 405/3 from Ch. 120, par. 405A-335 ILCS 405/4 from Ch. 120, par. 405A-435 ILCS 405/19 new 35 ILCS 405/3 from Ch. 120, par. 405A-3 35 ILCS 405/4 from Ch. 120, par. 405A-4 35 ILCS 405/19 new 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 Provides that the Act is repealed on January 1, 2031.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. LRB104 06572 HLH 16608 b LRB104 06572 HLH 16608 b A BILL FOR
22 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2865 Introduced , by Rep. Joe C. Sosnowski SYNOPSIS AS INTRODUCED:
33 35 ILCS 405/3 from Ch. 120, par. 405A-335 ILCS 405/4 from Ch. 120, par. 405A-435 ILCS 405/19 new 35 ILCS 405/3 from Ch. 120, par. 405A-3 35 ILCS 405/4 from Ch. 120, par. 405A-4 35 ILCS 405/19 new
44 35 ILCS 405/3 from Ch. 120, par. 405A-3
55 35 ILCS 405/4 from Ch. 120, par. 405A-4
66 35 ILCS 405/19 new
77 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 Provides that the Act is repealed on January 1, 2031.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.
88 LRB104 06572 HLH 16608 b LRB104 06572 HLH 16608 b
99 LRB104 06572 HLH 16608 b
1010 A BILL FOR
1111 HB2865LRB104 06572 HLH 16608 b HB2865 LRB104 06572 HLH 16608 b
1212 HB2865 LRB104 06572 HLH 16608 b
1313 1 AN ACT concerning revenue.
1414 2 Be it enacted by the People of the State of Illinois,
1515 3 represented in the General Assembly:
1616 4 Section 5. The Illinois Estate and Generation-Skipping
1717 5 Transfer Tax Act is amended by changing Sections 3 and 4 and by
1818 6 adding Section 19 as follows:
1919 7 (35 ILCS 405/3) (from Ch. 120, par. 405A-3)
2020 8 Sec. 3. Illinois estate tax.
2121 9 (a) Imposition of Tax. An Illinois estate tax is imposed
2222 10 on every taxable transfer involving transferred property
2323 11 having a tax situs within the State of Illinois.
2424 12 (b) Amount of tax. On estates of persons dying before
2525 13 January 1, 2003, the amount of the Illinois estate tax shall be
2626 14 the state tax credit, as defined in Section 2 of this Act, with
2727 15 respect to the taxable transfer reduced by the lesser of:
2828 16 (1) the amount of the state tax credit paid to any
2929 17 other state or states; and
3030 18 (2) the amount determined by multiplying the maximum
3131 19 state tax credit allowable with respect to the taxable
3232 20 transfer by the percentage which the gross value of the
3333 21 transferred property not having a tax situs in Illinois
3434 22 bears to the gross value of the total transferred
3535 23 property.
3636
3737
3838
3939 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2865 Introduced , by Rep. Joe C. Sosnowski SYNOPSIS AS INTRODUCED:
4040 35 ILCS 405/3 from Ch. 120, par. 405A-335 ILCS 405/4 from Ch. 120, par. 405A-435 ILCS 405/19 new 35 ILCS 405/3 from Ch. 120, par. 405A-3 35 ILCS 405/4 from Ch. 120, par. 405A-4 35 ILCS 405/19 new
4141 35 ILCS 405/3 from Ch. 120, par. 405A-3
4242 35 ILCS 405/4 from Ch. 120, par. 405A-4
4343 35 ILCS 405/19 new
4444 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.
4545 LRB104 06572 HLH 16608 b LRB104 06572 HLH 16608 b
4646 LRB104 06572 HLH 16608 b
4747 A BILL FOR
4848
4949
5050
5151
5252
5353 35 ILCS 405/3 from Ch. 120, par. 405A-3
5454 35 ILCS 405/4 from Ch. 120, par. 405A-4
5555 35 ILCS 405/19 new
5656
5757
5858
5959 LRB104 06572 HLH 16608 b
6060
6161
6262
6363
6464
6565
6666
6767
6868
6969 HB2865 LRB104 06572 HLH 16608 b
7070
7171
7272 HB2865- 2 -LRB104 06572 HLH 16608 b HB2865 - 2 - LRB104 06572 HLH 16608 b
7373 HB2865 - 2 - LRB104 06572 HLH 16608 b
7474 1 (c) On estates of persons dying on or after January 1, 2003
7575 2 and dying before January 1, 2026, the amount of the Illinois
7676 3 estate tax shall be the state tax credit, as defined in Section
7777 4 2 of this Act, reduced by the amount determined by multiplying
7878 5 the state tax credit with respect to the taxable transfer by
7979 6 the percentage which the gross value of the transferred
8080 7 property not having a tax situs in Illinois bears to the gross
8181 8 value of the total transferred property.
8282 9 (d) On estates of person dying on or after January 1, 2026
8383 10 and dying before January 1, 2027, the amount of the Illinois
8484 11 estate tax shall be the amount calculated under subsection
8585 12 (c), multiplied by 0.8.
8686 13 (e) On estates of person dying on or after January 1, 2027
8787 14 and dying before January 1, 2028, the amount of the Illinois
8888 15 estate tax shall be the amount calculated under subsection
8989 16 (c), multiplied by 0.6.
9090 17 (f) On estates of person dying on or after January 1, 2028
9191 18 and dying before January 1, 2029, the amount of the Illinois
9292 19 estate tax shall be the amount calculated under subsection
9393 20 (c), multiplied by 0.4.
9494 21 (g) On estates of person dying on or after January 1, 2029
9595 22 and dying before January 1, 2030, the amount of the Illinois
9696 23 estate tax shall be the amount calculated under subsection
9797 24 (c), multiplied by 0.2.
9898 25 (h) No tax shall be imposed under this Act for persons
9999 26 dying on or after January 1, 2030.
100100
101101
102102
103103
104104
105105 HB2865 - 2 - LRB104 06572 HLH 16608 b
106106
107107
108108 HB2865- 3 -LRB104 06572 HLH 16608 b HB2865 - 3 - LRB104 06572 HLH 16608 b
109109 HB2865 - 3 - LRB104 06572 HLH 16608 b
110110 1 (Source: P.A. 93-30, eff. 6-20-03; 94-419, eff. 8-2-05.)
111111 2 (35 ILCS 405/4) (from Ch. 120, par. 405A-4)
112112 3 Sec. 4. Illinois generation-skipping transfer tax.
113113 4 (a) Imposition of tax. An Illinois generation-skipping
114114 5 transfer tax is imposed on every taxable transfer resulting in
115115 6 federal generation-skipping transfer tax involving transferred
116116 7 property having a tax situs within the State of Illinois.
117117 8 (b) Amount of tax. The amount of the Illinois
118118 9 generation-skipping transfer tax shall be the maximum state
119119 10 tax credit allowable with respect to the taxable transfer,
120120 11 reduced by the lesser of:
121121 12 (1) the amount of the state tax credit paid to any
122122 13 other state or states; and
123123 14 (2) the amount determined by multiplying the maximum
124124 15 state tax credit allowable with respect to the taxable
125125 16 transfer by the percentage which the gross value of the
126126 17 transferred property not having a tax situs in Illinois
127127 18 bears to the gross value of the total transferred
128128 19 property.
129129 20 (c) For transfers occurring on or after January 1, 2026
130130 21 and occurring before January 1, 2027, the amount of the
131131 22 Illinois generation-skipping transfer tax shall be the amount
132132 23 calculated under subsection (b), multiplied by 0.8.
133133 24 (d) For transfers occurring on or after January 1, 2027
134134 25 and occurring before January 1, 2028, the amount of the
135135
136136
137137
138138
139139
140140 HB2865 - 3 - LRB104 06572 HLH 16608 b
141141
142142
143143 HB2865- 4 -LRB104 06572 HLH 16608 b HB2865 - 4 - LRB104 06572 HLH 16608 b
144144 HB2865 - 4 - LRB104 06572 HLH 16608 b
145145 1 Illinois generation-skipping transfer tax shall be the amount
146146 2 calculated under subsection (b), multiplied by 0.6.
147147 3 (e) For transfers occurring on or after January 1, 2028
148148 4 and occurring before January 1, 2029, the amount of the
149149 5 Illinois generation-skipping transfer tax shall be the amount
150150 6 calculated under subsection (b), multiplied by 0.4.
151151 7 (f) For transfers occurring on or after January 1, 2029
152152 8 and occurring before January 1, 2030, the amount of the
153153 9 Illinois generation-skipping transfer tax shall be the amount
154154 10 calculated under subsection (b), multiplied by 0.2.
155155 11 (h) No tax shall be imposed under this Act for persons
156156 12 dying on or after January 1, 2030.
157157 13 (Source: P.A. 86-737.)
158158 14 (35 ILCS 405/19 new)
159159 15 Sec. 19. Repeal. This Act is repealed on January 1, 2031.
160160
161161
162162
163163
164164
165165 HB2865 - 4 - LRB104 06572 HLH 16608 b