diff --git a/base/boot.jl b/base/boot.jl
index 98eceb1414ecc..4bf196a4c8265 100644
--- a/base/boot.jl
+++ b/base/boot.jl
@@ -471,13 +471,13 @@ eval(Core, quote
 end)
 
 function CodeInstance(
-    mi::MethodInstance, @nospecialize(rettype), @nospecialize(inferred_const),
+    mi::MethodInstance, @nospecialize(rettype), @nospecialize(exctype), @nospecialize(inferred_const),
     @nospecialize(inferred), const_flags::Int32, min_world::UInt, max_world::UInt,
     ipo_effects::UInt32, effects::UInt32, @nospecialize(argescapes#=::Union{Nothing,Vector{ArgEscapeInfo}}=#),
     relocatability::UInt8)
     return ccall(:jl_new_codeinst, Ref{CodeInstance},
-        (Any, Any, Any, Any, Int32, UInt, UInt, UInt32, UInt32, Any, UInt8),
-        mi, rettype, inferred_const, inferred, const_flags, min_world, max_world,
+        (Any, Any, Any, Any, Any, Int32, UInt, UInt, UInt32, UInt32, Any, UInt8),
+        mi, rettype, exctype, inferred_const, inferred, const_flags, min_world, max_world,
         ipo_effects, effects, argescapes,
         relocatability)
 end
diff --git a/base/compiler/abstractinterpretation.jl b/base/compiler/abstractinterpretation.jl
index 82aca46f3e7ed..e3922d3cc20f3 100644
--- a/base/compiler/abstractinterpretation.jl
+++ b/base/compiler/abstractinterpretation.jl
@@ -17,7 +17,7 @@ function abstract_call_gf_by_type(interp::AbstractInterpreter, @nospecialize(f),
         # which is all that's required for :consistent-cy. Of course, we don't
         # know anything else about this statement.
         effects = Effects(; consistent=ALWAYS_TRUE)
-        return CallMeta(Any, effects, NoCallInfo())
+        return CallMeta(Any, Any, effects, NoCallInfo())
     end
 
     argtypes = arginfo.argtypes
@@ -25,13 +25,13 @@ function abstract_call_gf_by_type(interp::AbstractInterpreter, @nospecialize(f),
         InferenceParams(interp).max_union_splitting, max_methods)
     if isa(matches, FailedMethodMatch)
         add_remark!(interp, sv, matches.reason)
-        return CallMeta(Any, Effects(), NoCallInfo())
+        return CallMeta(Any, Any, Effects(), NoCallInfo())
     end
 
     (; valid_worlds, applicable, info) = matches
     update_valid_age!(sv, valid_worlds)
     napplicable = length(applicable)
-    rettype = Bottom
+    rettype = excttype = Bottom
     edges = MethodInstance[]
     conditionals = nothing # keeps refinement information of call argument types when the return type is boolean
     seen = 0               # number of signatures actually inferred
@@ -51,6 +51,7 @@ function abstract_call_gf_by_type(interp::AbstractInterpreter, @nospecialize(f),
             break
         end
         this_rt = Bottom
+        this_exct = Bottom
         splitunions = false
         # TODO: this used to trigger a bug in inference recursion detection, and is unmaintained now
         # sigtuple = unwrap_unionall(sig)::DataType
@@ -59,15 +60,22 @@ function abstract_call_gf_by_type(interp::AbstractInterpreter, @nospecialize(f),
             splitsigs = switchtupleunion(sig)
             for sig_n in splitsigs
                 result = abstract_call_method(interp, method, sig_n, svec(), multiple_matches, si, sv)
-                (; rt, edge, effects) = result
+                (; rt, exct, edge, effects) = result
                 this_argtypes = isa(matches, MethodMatches) ? argtypes : matches.applicable_argtypes[i]
                 this_arginfo = ArgInfo(fargs, this_argtypes)
                 const_call_result = abstract_call_method_with_const_args(interp,
                     result, f, this_arginfo, si, match, sv)
                 const_result = nothing
                 if const_call_result !== nothing
-                    if const_call_result.rt ⊑ₚ rt
+                    if !(rt ⊑ₚ const_call_result.rt)
                         rt = const_call_result.rt
+                        exct = const_call_result.exct
+                        (; effects, const_result, edge) = const_call_result
+                    elseif better_effects(const_call_result.effects, effects)
+                        exct = const_call_result.exct
+                        (; effects, const_result, edge) = const_call_result
+                    elseif !(exct ⊑ₚ const_call_result.exct)
+                        exct = const_call_result.exct
                         (; effects, const_result, edge) = const_call_result
                     else
                         add_remark!(interp, sv, "[constprop] Discarded because the result was wider than inference")
@@ -82,6 +90,7 @@ function abstract_call_gf_by_type(interp::AbstractInterpreter, @nospecialize(f),
                 end
                 edge === nothing || push!(edges, edge)
                 this_rt = tmerge(this_rt, rt)
+                this_exct = tmerge(this_exct, exct)
                 if bail_out_call(interp, this_rt, sv)
                     break
                 end
@@ -90,9 +99,10 @@ function abstract_call_gf_by_type(interp::AbstractInterpreter, @nospecialize(f),
             this_rt = widenwrappedconditional(this_rt)
         else
             result = abstract_call_method(interp, method, sig, match.sparams, multiple_matches, si, sv)
-            (; rt, edge, effects) = result
+            (; rt, exct, edge, effects) = result
             this_conditional = ignorelimited(rt)
             this_rt = widenwrappedconditional(rt)
+            this_exct = exct
             # try constant propagation with argtypes for this match
             # this is in preparation for inlining, or improving the return result
             this_argtypes = isa(matches, MethodMatches) ? argtypes : matches.applicable_argtypes[i]
@@ -105,9 +115,16 @@ function abstract_call_gf_by_type(interp::AbstractInterpreter, @nospecialize(f),
                 this_const_rt = widenwrappedconditional(const_call_result.rt)
                 # return type of const-prop' inference can be wider than that of non const-prop' inference
                 # e.g. in cases when there are cycles but cached result is still accurate
-                if this_const_rt ⊑ₚ this_rt
+                if !(this_rt ⊑ₚ this_const_rt)
                     this_conditional = this_const_conditional
                     this_rt = this_const_rt
+                    this_exct = const_call_result.exct
+                    (; effects, const_result, edge) = const_call_result
+                elseif better_effects(const_call_result.effects, effects)
+                    this_exct = const_call_result.exct
+                    (; effects, const_result, edge) = const_call_result
+                elseif !(this_exct ⊑ₚ const_call_result.exct)
+                    this_exct = const_call_result.exct
                     (; effects, const_result, edge) = const_call_result
                 else
                     add_remark!(interp, sv, "[constprop] Discarded because the result was wider than inference")
@@ -125,6 +142,7 @@ function abstract_call_gf_by_type(interp::AbstractInterpreter, @nospecialize(f),
         @assert !(this_conditional isa Conditional || this_rt isa MustAlias) "invalid lattice element returned from inter-procedural context"
         seen += 1
         rettype = tmerge(𝕃ₚ, rettype, this_rt)
+        excttype = tmerge(𝕃ₚ, excttype, this_exct)
         if has_conditional(𝕃ₚ, sv) && this_conditional !== Bottom && is_lattice_bool(𝕃ₚ, rettype) && fargs !== nothing
             if conditionals === nothing
                 conditionals = Any[Bottom for _ in 1:length(argtypes)],
@@ -149,12 +167,13 @@ function abstract_call_gf_by_type(interp::AbstractInterpreter, @nospecialize(f),
 
     if seen ≠ napplicable
         # there is unanalyzed candidate, widen type and effects to the top
-        rettype = Any
+        rettype = excttype = Any
         all_effects = Effects()
     elseif isa(matches, MethodMatches) ? (!matches.fullmatch || any_ambig(matches)) :
             (!all(matches.fullmatches) || any_ambig(matches))
         # Account for the fact that we may encounter a MethodError with a non-covered or ambiguous signature.
         all_effects = Effects(all_effects; nothrow=false)
+        excttype = tmerge(𝕃ₚ, excttype, MethodError)
     end
 
     rettype = from_interprocedural!(interp, rettype, sv, arginfo, conditionals)
@@ -199,7 +218,8 @@ function abstract_call_gf_by_type(interp::AbstractInterpreter, @nospecialize(f),
             end
         end
     end
-    return CallMeta(rettype, all_effects, info)
+
+    return CallMeta(rettype, excttype, all_effects, info)
 end
 
 struct FailedMethodMatch
@@ -489,13 +509,13 @@ function abstract_call_method(interp::AbstractInterpreter,
                               hardlimit::Bool, si::StmtInfo, sv::AbsIntState)
     if method.name === :depwarn && isdefined(Main, :Base) && method.module === Main.Base
         add_remark!(interp, sv, "Refusing to infer into `depwarn`")
-        return MethodCallResult(Any, false, false, nothing, Effects())
+        return MethodCallResult(Any, Any, false, false, nothing, Effects())
     end
     sigtuple = unwrap_unionall(sig)
     sigtuple isa DataType ||
-        return MethodCallResult(Any, false, false, nothing, Effects())
+        return MethodCallResult(Any, Any, false, false, nothing, Effects())
     all(@nospecialize(x) -> valid_as_lattice(unwrapva(x), true), sigtuple.parameters) ||
-        return MethodCallResult(Union{}, false, false, nothing, EFFECTS_THROWS) # catch bad type intersections early
+        return MethodCallResult(Union{}, Any, false, false, nothing, EFFECTS_THROWS) # catch bad type intersections early
 
     if is_nospecializeinfer(method)
         sig = get_nospecializeinfer_sig(method, sig, sparams)
@@ -520,7 +540,7 @@ function abstract_call_method(interp::AbstractInterpreter,
                     # we have a self-cycle in the call-graph, but not in the inference graph (typically):
                     # break this edge now (before we record it) by returning early
                     # (non-typically, this means that we lose the ability to detect a guaranteed StackOverflow in some cases)
-                    return MethodCallResult(Any, true, true, nothing, Effects())
+                    return MethodCallResult(Any, Any, true, true, nothing, Effects())
                 end
                 topmost = nothing
                 edgecycle = true
@@ -575,7 +595,7 @@ function abstract_call_method(interp::AbstractInterpreter,
                 # since it's very unlikely that we'll try to inline this,
                 # or want make an invoke edge to its calling convention return type.
                 # (non-typically, this means that we lose the ability to detect a guaranteed StackOverflow in some cases)
-                return MethodCallResult(Any, true, true, nothing, Effects())
+                return MethodCallResult(Any, Any, true, true, nothing, Effects())
             end
             add_remark!(interp, sv, washardlimit ? RECURSION_MSG_HARDLIMIT : RECURSION_MSG)
             # TODO (#48913) implement a proper recursion handling for irinterp:
@@ -621,7 +641,7 @@ function abstract_call_method(interp::AbstractInterpreter,
         sparams = recomputed[2]::SimpleVector
     end
 
-    (; rt, edge, effects) = typeinf_edge(interp, method, sig, sparams, sv)
+    (; rt, exct, edge, effects) = typeinf_edge(interp, method, sig, sparams, sv)
 
     if edge === nothing
         edgecycle = edgelimited = true
@@ -645,7 +665,7 @@ function abstract_call_method(interp::AbstractInterpreter,
         end
     end
 
-    return MethodCallResult(rt, edgecycle, edgelimited, edge, effects)
+    return MethodCallResult(rt, exct, edgecycle, edgelimited, edge, effects)
 end
 
 function edge_matches_sv(interp::AbstractInterpreter, frame::AbsIntState,
@@ -744,16 +764,17 @@ end
 # backedge computation, and concrete evaluation or constant-propagation
 struct MethodCallResult
     rt
+    exct
     edgecycle::Bool
     edgelimited::Bool
     edge::Union{Nothing,MethodInstance}
     effects::Effects
-    function MethodCallResult(@nospecialize(rt),
+    function MethodCallResult(@nospecialize(rt), @nospecialize(exct),
                               edgecycle::Bool,
                               edgelimited::Bool,
                               edge::Union{Nothing,MethodInstance},
                               effects::Effects)
-        return new(rt, edgecycle, edgelimited, edge, effects)
+        return new(rt, exct, edgecycle, edgelimited, edge, effects)
     end
 end
 
@@ -765,15 +786,16 @@ end
 
 struct ConstCallResults
     rt::Any
+    exct::Any
     const_result::ConstResult
     effects::Effects
     edge::MethodInstance
     function ConstCallResults(
-        @nospecialize(rt),
+        @nospecialize(rt), @nospecialize(exct),
         const_result::ConstResult,
         effects::Effects,
         edge::MethodInstance)
-        return new(rt, const_result, effects, edge)
+        return new(rt, exct, const_result, effects, edge)
     end
 end
 
@@ -900,11 +922,12 @@ function concrete_eval_call(interp::AbstractInterpreter,
     edge = result.edge::MethodInstance
     value = try
         Core._call_in_world_total(world, f, args...)
-    catch
-        # The evaluation threw. By :consistent-cy, we're guaranteed this would have happened at runtime
-        return ConstCallResults(Bottom, ConcreteResult(edge, result.effects), result.effects, edge)
+    catch e
+        # The evaluation threw. By :consistent-cy, we're guaranteed this would have happened at runtime.
+        # Howevever, at present, :consistency does not mandate the type of the exception
+        return ConstCallResults(Bottom, Any, ConcreteResult(edge, result.effects), result.effects, edge)
     end
-    return ConstCallResults(Const(value), ConcreteResult(edge, EFFECTS_TOTAL, value), EFFECTS_TOTAL, edge)
+    return ConstCallResults(Const(value), Union{}, ConcreteResult(edge, EFFECTS_TOTAL, value), EFFECTS_TOTAL, edge)
 end
 
 # check if there is a cycle and duplicated inference of `mi`
@@ -1167,7 +1190,7 @@ function semi_concrete_eval_call(interp::AbstractInterpreter,
                 if noub
                     effects = Effects(effects; noub = ALWAYS_TRUE)
                 end
-                return ConstCallResults(rt, SemiConcreteResult(mi, ir, effects), effects, mi)
+                return ConstCallResults(rt, result.exct, SemiConcreteResult(mi, ir, effects), effects, mi)
             end
         end
     end
@@ -1176,7 +1199,7 @@ end
 
 function const_prop_call(interp::AbstractInterpreter,
     mi::MethodInstance, result::MethodCallResult, arginfo::ArgInfo, sv::AbsIntState,
-    concrete_eval_result::Union{Nothing,ConstCallResults}=nothing)
+    concrete_eval_result::Union{Nothing, ConstCallResults}=nothing)
     inf_cache = get_inference_cache(interp)
     𝕃ᵢ = typeinf_lattice(interp)
     inf_result = cache_lookup(𝕃ᵢ, mi, arginfo.argtypes, inf_cache)
@@ -1211,7 +1234,8 @@ function const_prop_call(interp::AbstractInterpreter,
             return nothing
         end
     end
-    return ConstCallResults(inf_result.result, ConstPropResult(inf_result), inf_result.ipo_effects, mi)
+    return ConstCallResults(inf_result.result, inf_result.exc_result,
+        ConstPropResult(inf_result), inf_result.ipo_effects, mi)
 end
 
 # TODO implement MustAlias forwarding
@@ -1451,7 +1475,7 @@ function abstract_iteration(interp::AbstractInterpreter, @nospecialize(itft), @n
     # WARNING: Changes to the iteration protocol must be reflected here,
     # this is not just an optimization.
     # TODO: this doesn't realize that Array, SimpleVector, Tuple, and NamedTuple do not use the iterate protocol
-    stateordonet === Bottom && return AbstractIterationResult(Any[Bottom], AbstractIterationInfo(CallMeta[CallMeta(Bottom, call.effects, info)], true))
+    stateordonet === Bottom && return AbstractIterationResult(Any[Bottom], AbstractIterationInfo(CallMeta[CallMeta(Bottom, Any, call.effects, info)], true))
     valtype = statetype = Bottom
     ret = Any[]
     calls = CallMeta[call]
@@ -1529,7 +1553,7 @@ function abstract_apply(interp::AbstractInterpreter, argtypes::Vector{Any}, si::
                         sv::AbsIntState, max_methods::Int=get_max_methods(interp, sv))
     itft = argtype_by_index(argtypes, 2)
     aft = argtype_by_index(argtypes, 3)
-    (itft === Bottom || aft === Bottom) && return CallMeta(Bottom, EFFECTS_THROWS, NoCallInfo())
+    (itft === Bottom || aft === Bottom) && return CallMeta(Bottom, Any, EFFECTS_THROWS, NoCallInfo())
     aargtypes = argtype_tail(argtypes, 4)
     aftw = widenconst(aft)
     if !isa(aft, Const) && !isa(aft, PartialOpaque) && (!isType(aftw) || has_free_typevars(aftw))
@@ -1537,7 +1561,7 @@ function abstract_apply(interp::AbstractInterpreter, argtypes::Vector{Any}, si::
             add_remark!(interp, sv, "Core._apply_iterate called on a function of a non-concrete type")
             # bail now, since it seems unlikely that abstract_call will be able to do any better after splitting
             # this also ensures we don't call abstract_call_gf_by_type below on an IntrinsicFunction or Builtin
-            return CallMeta(Any, Effects(), NoCallInfo())
+            return CallMeta(Any, Any, Effects(), NoCallInfo())
         end
     end
     res = Union{}
@@ -1596,6 +1620,7 @@ function abstract_apply(interp::AbstractInterpreter, argtypes::Vector{Any}, si::
     retinfo = UnionSplitApplyCallInfo(retinfos)
     napplicable = length(ctypes)
     seen = 0
+    exct = effects.nothrow ? Union{} : Any
     for i = 1:napplicable
         ct = ctypes[i]
         arginfo = infos[i]
@@ -1613,6 +1638,7 @@ function abstract_apply(interp::AbstractInterpreter, argtypes::Vector{Any}, si::
         seen += 1
         push!(retinfos, ApplyCallInfo(call.info, arginfo))
         res = tmerge(typeinf_lattice(interp), res, call.rt)
+        exct = tmerge(typeinf_lattice(interp), exct, call.exct)
         effects = merge_effects(effects, call.effects)
         if bail_out_apply(interp, InferenceLoopState(ct, res, effects), sv)
             add_remark!(interp, sv, "_apply_iterate inference reached maximally imprecise information. Bailing on.")
@@ -1622,12 +1648,13 @@ function abstract_apply(interp::AbstractInterpreter, argtypes::Vector{Any}, si::
     if seen ≠ napplicable
         # there is unanalyzed candidate, widen type and effects to the top
         res = Any
+        exct = Any
         effects = Effects()
         retinfo = NoCallInfo() # NOTE this is necessary to prevent the inlining processing
     end
     # TODO: Add a special info type to capture all the iteration info.
     # For now, only propagate info if we don't also union-split the iteration
-    return CallMeta(res, effects, retinfo)
+    return CallMeta(res, exct, effects, retinfo)
 end
 
 function argtype_by_index(argtypes::Vector{Any}, i::Int)
@@ -1876,9 +1903,9 @@ function abstract_call_unionall(interp::AbstractInterpreter, argtypes::Vector{An
     na = length(argtypes)
     if isvarargtype(argtypes[end])
         if na ≤ 2
-            return CallMeta(Any, EFFECTS_THROWS, call.info)
+            return CallMeta(Any, Any, EFFECTS_THROWS, call.info)
         elseif na > 4
-            return CallMeta(Bottom, EFFECTS_THROWS, NoCallInfo())
+            return CallMeta(Bottom, Any, EFFECTS_THROWS, NoCallInfo())
         end
         a2 = argtypes[2]
         a3 = unwrapva(argtypes[3])
@@ -1889,7 +1916,7 @@ function abstract_call_unionall(interp::AbstractInterpreter, argtypes::Vector{An
         ⊑ᵢ = ⊑(typeinf_lattice(interp))
         nothrow = a2 ⊑ᵢ TypeVar && (a3 ⊑ᵢ Type || a3 ⊑ᵢ TypeVar)
     else
-        return CallMeta(Bottom, EFFECTS_THROWS, NoCallInfo())
+        return CallMeta(Bottom, Any, EFFECTS_THROWS, NoCallInfo())
     end
     canconst = true
     if isa(a3, Const)
@@ -1898,10 +1925,10 @@ function abstract_call_unionall(interp::AbstractInterpreter, argtypes::Vector{An
         body = a3.parameters[1]
         canconst = false
     else
-        return CallMeta(Any, Effects(EFFECTS_TOTAL; nothrow), call.info)
+        return CallMeta(Any, Any, Effects(EFFECTS_TOTAL; nothrow), call.info)
     end
     if !(isa(body, Type) || isa(body, TypeVar))
-        return CallMeta(Any, EFFECTS_THROWS, call.info)
+        return CallMeta(Any, Any, EFFECTS_THROWS, call.info)
     end
     if has_free_typevars(body)
         if isa(a2, Const)
@@ -1910,36 +1937,36 @@ function abstract_call_unionall(interp::AbstractInterpreter, argtypes::Vector{An
             tv = a2.tv
             canconst = false
         else
-            return CallMeta(Any, EFFECTS_THROWS, call.info)
+            return CallMeta(Any, Any, EFFECTS_THROWS, call.info)
         end
-        isa(tv, TypeVar) || return CallMeta(Any, EFFECTS_THROWS, call.info)
+        isa(tv, TypeVar) || return CallMeta(Any, Any, EFFECTS_THROWS, call.info)
         body = UnionAll(tv, body)
     end
     ret = canconst ? Const(body) : Type{body}
-    return CallMeta(ret, Effects(EFFECTS_TOTAL; nothrow), call.info)
+    return CallMeta(ret, Any, Effects(EFFECTS_TOTAL; nothrow), call.info)
 end
 
 function abstract_invoke(interp::AbstractInterpreter, (; fargs, argtypes)::ArgInfo, si::StmtInfo, sv::AbsIntState)
     ft′ = argtype_by_index(argtypes, 2)
     ft = widenconst(ft′)
-    ft === Bottom && return CallMeta(Bottom, EFFECTS_THROWS, NoCallInfo())
+    ft === Bottom && return CallMeta(Bottom, Any, EFFECTS_THROWS, NoCallInfo())
     (types, isexact, isconcrete, istype) = instanceof_tfunc(argtype_by_index(argtypes, 3), false)
-    isexact || return CallMeta(Any, Effects(), NoCallInfo())
+    isexact || return CallMeta(Any, Any, Effects(), NoCallInfo())
     unwrapped = unwrap_unionall(types)
     if types === Bottom || !(unwrapped isa DataType) || unwrapped.name !== Tuple.name
-        return CallMeta(Bottom, EFFECTS_THROWS, NoCallInfo())
+        return CallMeta(Bottom, Any, EFFECTS_THROWS, NoCallInfo())
     end
     argtype = argtypes_to_type(argtype_tail(argtypes, 4))
     nargtype = typeintersect(types, argtype)
-    nargtype === Bottom && return CallMeta(Bottom, EFFECTS_THROWS, NoCallInfo())
-    nargtype isa DataType || return CallMeta(Any, Effects(), NoCallInfo()) # other cases are not implemented below
-    isdispatchelem(ft) || return CallMeta(Any, Effects(), NoCallInfo()) # check that we might not have a subtype of `ft` at runtime, before doing supertype lookup below
+    nargtype === Bottom && return CallMeta(Bottom, Any, EFFECTS_THROWS, NoCallInfo())
+    nargtype isa DataType || return CallMeta(Any, Any, Effects(), NoCallInfo()) # other cases are not implemented below
+    isdispatchelem(ft) || return CallMeta(Any, Any, Effects(), NoCallInfo()) # check that we might not have a subtype of `ft` at runtime, before doing supertype lookup below
     ft = ft::DataType
     lookupsig = rewrap_unionall(Tuple{ft, unwrapped.parameters...}, types)::Type
     nargtype = Tuple{ft, nargtype.parameters...}
     argtype = Tuple{ft, argtype.parameters...}
     match, valid_worlds = findsup(lookupsig, method_table(interp))
-    match === nothing && return CallMeta(Any, Effects(), NoCallInfo())
+    match === nothing && return CallMeta(Any, Any, Effects(), NoCallInfo())
     update_valid_age!(sv, valid_worlds)
     method = match.method
     tienv = ccall(:jl_type_intersection_with_env, Any, (Any, Any), nargtype, method.sig)::SimpleVector
@@ -1971,7 +1998,7 @@ function abstract_invoke(interp::AbstractInterpreter, (; fargs, argtypes)::ArgIn
     rt = from_interprocedural!(interp, rt, sv, arginfo, sig)
     info = InvokeCallInfo(match, const_result)
     edge !== nothing && add_invoke_backedge!(sv, lookupsig, edge)
-    return CallMeta(rt, effects, info)
+    return CallMeta(rt, Any, effects, info)
 end
 
 function invoke_rewrite(xs::Vector{Any})
@@ -1985,9 +2012,9 @@ function abstract_finalizer(interp::AbstractInterpreter, argtypes::Vector{Any},
     if length(argtypes) == 3
         finalizer_argvec = Any[argtypes[2], argtypes[3]]
         call = abstract_call(interp, ArgInfo(nothing, finalizer_argvec), StmtInfo(false), sv, #=max_methods=#1)
-        return CallMeta(Nothing, Effects(), FinalizerInfo(call.info, call.effects))
+        return CallMeta(Nothing, Any, Effects(), FinalizerInfo(call.info, call.effects))
     end
-    return CallMeta(Nothing, Effects(), NoCallInfo())
+    return CallMeta(Nothing, Any, Effects(), NoCallInfo())
 end
 
 # call where the function is known exactly
@@ -2009,17 +2036,19 @@ function abstract_call_known(interp::AbstractInterpreter, @nospecialize(f),
             return abstract_finalizer(interp, argtypes, sv)
         elseif f === applicable
             return abstract_applicable(interp, argtypes, sv, max_methods)
+        elseif f === throw
+            return CallMeta(Union{}, la == 2 ? argtypes[2] : ArgumentError, EFFECTS_THROWS, NoCallInfo())
         end
         rt = abstract_call_builtin(interp, f, arginfo, sv)
         effects = builtin_effects(𝕃ᵢ, f, arginfo, rt)
-        return CallMeta(rt, effects, NoCallInfo())
+        return CallMeta(rt, effects.nothrow ? Union{} : Any, effects, NoCallInfo())
     elseif isa(f, Core.OpaqueClosure)
         # calling an OpaqueClosure about which we have no information returns no information
-        return CallMeta(typeof(f).parameters[2], Effects(), NoCallInfo())
+        return CallMeta(typeof(f).parameters[2], Any, Effects(), NoCallInfo())
     elseif f === TypeVar
         # Manually look through the definition of TypeVar to
         # make sure to be able to get `PartialTypeVar`s out.
-        (la < 2 || la > 4) && return CallMeta(Bottom, EFFECTS_THROWS, NoCallInfo())
+        (la < 2 || la > 4) && return CallMeta(Bottom, Any, EFFECTS_THROWS, NoCallInfo())
         n = argtypes[2]
         ub_var = Const(Any)
         lb_var = Const(Union{})
@@ -2039,7 +2068,7 @@ function abstract_call_known(interp::AbstractInterpreter, @nospecialize(f),
         pT = typevar_tfunc(𝕃ᵢ, n, lb_var, ub_var)
         effects = builtin_effects(𝕃ᵢ, Core._typevar, ArgInfo(nothing,
             Any[Const(Core._typevar), n, lb_var, ub_var]), pT)
-        return CallMeta(pT, effects, call.info)
+        return CallMeta(pT, Any, effects, call.info)
     elseif f === UnionAll
         call = abstract_call_gf_by_type(interp, f, ArgInfo(nothing, Any[Const(UnionAll), Any, Any]), si, Tuple{Type{UnionAll}, Any, Any}, sv, max_methods)
         return abstract_call_unionall(interp, argtypes, call)
@@ -2047,7 +2076,7 @@ function abstract_call_known(interp::AbstractInterpreter, @nospecialize(f),
         aty = argtypes[2]
         ty = isvarargtype(aty) ? unwrapva(aty) : widenconst(aty)
         if !isconcretetype(ty)
-            return CallMeta(Tuple, EFFECTS_UNKNOWN, NoCallInfo())
+            return CallMeta(Tuple, Any, EFFECTS_UNKNOWN, NoCallInfo())
         end
     elseif is_return_type(f)
         return return_type_tfunc(interp, argtypes, si, sv)
@@ -2056,16 +2085,16 @@ function abstract_call_known(interp::AbstractInterpreter, @nospecialize(f),
         aty = argtypes[2]
         if isa(aty, Conditional)
             call = abstract_call_gf_by_type(interp, f, ArgInfo(fargs, Any[Const(f), Bool]), si, Tuple{typeof(f), Bool}, sv, max_methods) # make sure we've inferred `!(::Bool)`
-            return CallMeta(Conditional(aty.slot, aty.elsetype, aty.thentype), call.effects, call.info)
+            return CallMeta(Conditional(aty.slot, aty.elsetype, aty.thentype), Any, call.effects, call.info)
         end
     elseif la == 3 && istopfunction(f, :!==)
         # mark !== as exactly a negated call to ===
         call = abstract_call_gf_by_type(interp, f, ArgInfo(fargs, Any[Const(f), Any, Any]), si, Tuple{typeof(f), Any, Any}, sv, max_methods)
         rty = abstract_call_known(interp, (===), arginfo, si, sv, max_methods).rt
         if isa(rty, Conditional)
-            return CallMeta(Conditional(rty.slot, rty.elsetype, rty.thentype), EFFECTS_TOTAL, NoCallInfo()) # swap if-else
+            return CallMeta(Conditional(rty.slot, rty.elsetype, rty.thentype), Bottom, EFFECTS_TOTAL, NoCallInfo()) # swap if-else
         elseif isa(rty, Const)
-            return CallMeta(Const(rty.val === false), EFFECTS_TOTAL, MethodResultPure())
+            return CallMeta(Const(rty.val === false), Bottom, EFFECTS_TOTAL, MethodResultPure())
         end
         return call
     elseif la == 3 && istopfunction(f, :(>:))
@@ -2079,7 +2108,7 @@ function abstract_call_known(interp::AbstractInterpreter, @nospecialize(f),
         argtypes = Any[typeof(<:), argtypes[3], argtypes[2]]
         return abstract_call_known(interp, <:, ArgInfo(fargs, argtypes), si, sv, max_methods)
     elseif la == 2 && istopfunction(f, :typename)
-        return CallMeta(typename_static(argtypes[2]), EFFECTS_TOTAL, MethodResultPure())
+        return CallMeta(typename_static(argtypes[2]), Any, EFFECTS_TOTAL, MethodResultPure())
     elseif f === Core._hasmethod
         return _hasmethod_tfunc(interp, argtypes, sv)
     end
@@ -2118,7 +2147,7 @@ function abstract_call_opaque_closure(interp::AbstractInterpreter,
     rt = from_interprocedural!(interp, rt, sv, arginfo, match.spec_types)
     info = OpaqueClosureCallInfo(match, const_result)
     edge !== nothing && add_backedge!(sv, edge)
-    return CallMeta(rt, effects, info)
+    return CallMeta(rt, Any, effects, info)
 end
 
 function most_general_argtypes(closure::PartialOpaque)
@@ -2143,13 +2172,13 @@ function abstract_call_unknown(interp::AbstractInterpreter, @nospecialize(ft),
     wft = widenconst(ft)
     if hasintersect(wft, Builtin)
         add_remark!(interp, sv, "Could not identify method table for call")
-        return CallMeta(Any, Effects(), NoCallInfo())
+        return CallMeta(Any, Any, Effects(), NoCallInfo())
     elseif hasintersect(wft, Core.OpaqueClosure)
         uft = unwrap_unionall(wft)
         if isa(uft, DataType)
-            return CallMeta(rewrap_unionall(uft.parameters[2], wft), Effects(), NoCallInfo())
+            return CallMeta(rewrap_unionall(uft.parameters[2], wft), Any, Effects(), NoCallInfo())
         end
-        return CallMeta(Any, Effects(), NoCallInfo())
+        return CallMeta(Any, Any, Effects(), NoCallInfo())
     end
     # non-constant function, but the number of arguments is known and the `f` is not a builtin or intrinsic
     atype = argtypes_to_type(arginfo.argtypes)
@@ -2308,17 +2337,18 @@ end
 
 struct RTEffects
     rt
+    exct
     effects::Effects
-    RTEffects(@nospecialize(rt), effects::Effects) = new(rt, effects)
+    RTEffects(@nospecialize(rt), @nospecialize(exct), effects::Effects) = new(rt, exct, effects)
 end
 
 function abstract_call(interp::AbstractInterpreter, arginfo::ArgInfo, sv::InferenceState)
     si = StmtInfo(!call_result_unused(sv, sv.currpc))
-    (; rt, effects, info) = abstract_call(interp, arginfo, si, sv)
+    (; rt, exct, effects, info) = abstract_call(interp, arginfo, si, sv)
     sv.stmt_info[sv.currpc] = info
     # mark this call statement as DCE-eligible
     # TODO better to do this in a single pass based on the `info` object at the end of abstractinterpret?
-    return RTEffects(rt, effects)
+    return RTEffects(rt, exct, effects)
 end
 
 function abstract_eval_call(interp::AbstractInterpreter, e::Expr, vtypes::Union{VarTable,Nothing},
@@ -2326,26 +2356,33 @@ function abstract_eval_call(interp::AbstractInterpreter, e::Expr, vtypes::Union{
     ea = e.args
     argtypes = collect_argtypes(interp, ea, vtypes, sv)
     if argtypes === nothing
-        return RTEffects(Bottom, Effects())
+        return RTEffects(Bottom, Any, Effects())
     end
     arginfo = ArgInfo(ea, argtypes)
     return abstract_call(interp, arginfo, sv)
 end
 
+function abstract_eval_the_exception(interp::AbstractInterpreter, sv::InferenceState)
+    return sv.handlers[sv.handler_at[sv.currpc][2]].exct
+end
+abstract_eval_the_exception(interp, sv) = Any
+
 function abstract_eval_statement_expr(interp::AbstractInterpreter, e::Expr, vtypes::Union{VarTable,Nothing},
                                       sv::AbsIntState)
     effects = Effects()
     ehead = e.head
     𝕃ᵢ = typeinf_lattice(interp)
     ⊑ᵢ = ⊑(𝕃ᵢ)
+    exct = Any
     if ehead === :call
-        (; rt, effects) = abstract_eval_call(interp, e, vtypes, sv)
+        (; rt, exct, effects) = abstract_eval_call(interp, e, vtypes, sv)
         t = rt
     elseif ehead === :new
         t, isexact = instanceof_tfunc(abstract_eval_value(interp, e.args[1], vtypes, sv), true)
         ut = unwrap_unionall(t)
         consistent = noub = ALWAYS_FALSE
         nothrow = false
+        exct = Union{ErrorException, TypeError}
         if isa(ut, DataType) && !isabstracttype(ut)
             ismutable = ismutabletype(ut)
             fcount = datatype_fieldcount(ut)
@@ -2405,6 +2442,7 @@ function abstract_eval_statement_expr(interp::AbstractInterpreter, e::Expr, vtyp
                 t = refine_partial_type(t)
             end
         end
+        nothrow && (exct = Union{})
         effects = Effects(EFFECTS_TOTAL; consistent, nothrow, noub)
     elseif ehead === :splatnew
         t, isexact = instanceof_tfunc(abstract_eval_value(interp, e.args[1], vtypes, sv), true)
@@ -2455,7 +2493,7 @@ function abstract_eval_statement_expr(interp::AbstractInterpreter, e::Expr, vtyp
             end
         end
     elseif ehead === :foreigncall
-        (; rt, effects) = abstract_eval_foreigncall(interp, e, vtypes, sv)
+        (; rt, exct, effects) = abstract_eval_foreigncall(interp, e, vtypes, sv)
         t = rt
     elseif ehead === :cfunction
         effects = EFFECTS_UNKNOWN
@@ -2478,6 +2516,7 @@ function abstract_eval_statement_expr(interp::AbstractInterpreter, e::Expr, vtyp
         sym = e.args[1]
         t = Bool
         effects = EFFECTS_TOTAL
+        exct = Union{}
         if isa(sym, SlotNumber) && vtypes !== nothing
             vtyp = vtypes[slot_id(sym)]
             if vtyp.typ === Bottom
@@ -2518,10 +2557,12 @@ function abstract_eval_statement_expr(interp::AbstractInterpreter, e::Expr, vtyp
         condt = argextype(stmt.args[2], ir)
         condval = maybe_extract_const_bool(condt)
         t = Nothing
+        exct = UndefVarError
         effects = EFFECTS_THROWS
         if condval isa Bool
             if condval
                 effects = EFFECTS_TOTAL
+                exct = Union{}
             else
                 t = Union{}
             end
@@ -2530,13 +2571,16 @@ function abstract_eval_statement_expr(interp::AbstractInterpreter, e::Expr, vtyp
         end
     elseif ehead === :boundscheck
         t = Bool
+        exct = Union{}
         effects = Effects(EFFECTS_TOTAL; consistent=ALWAYS_FALSE)
     elseif ehead === :the_exception
-        t = Any
+        t = abstract_eval_the_exception(interp, sv)
+        exct = Union{}
         effects = Effects(EFFECTS_TOTAL; consistent=ALWAYS_FALSE)
     elseif ehead === :static_parameter
         n = e.args[1]::Int
         nothrow = false
+        exct = UndefVarError
         if 1 <= n <= length(sv.sptypes)
             sp = sv.sptypes[n]
             t = sp.typ
@@ -2544,15 +2588,21 @@ function abstract_eval_statement_expr(interp::AbstractInterpreter, e::Expr, vtyp
         else
             t = Any
         end
+        if nothrow
+            exct = Union{}
+        end
         effects = Effects(EFFECTS_TOTAL; nothrow)
     elseif ehead === :gc_preserve_begin || ehead === :aliasscope
         t = Any
+        exct = Union{}
         effects = Effects(EFFECTS_TOTAL; consistent=ALWAYS_FALSE, effect_free=EFFECT_FREE_GLOBALLY)
     elseif ehead === :gc_preserve_end || ehead === :leave || ehead === :pop_exception || ehead === :global || ehead === :popaliasscope
         t = Nothing
+        exct = Union{}
         effects = Effects(EFFECTS_TOTAL; effect_free=EFFECT_FREE_GLOBALLY)
     elseif ehead === :method
         t = Method
+        exct = Union{}
         effects = Effects(EFFECTS_TOTAL; effect_free=EFFECT_FREE_GLOBALLY)
     elseif ehead === :thunk
         t = Any
@@ -2568,7 +2618,7 @@ function abstract_eval_statement_expr(interp::AbstractInterpreter, e::Expr, vtyp
         # and recompute the effects.
         effects = EFFECTS_TOTAL
     end
-    return RTEffects(t, effects)
+    return RTEffects(t, exct, effects)
 end
 
 # refine the result of instantiation of partially-known type `t` if some invariant can be assumed
@@ -2589,7 +2639,7 @@ function abstract_eval_foreigncall(interp::AbstractInterpreter, e::Expr, vtypes:
     t = sp_type_rewrap(e.args[2], mi, true)
     for i = 3:length(e.args)
         if abstract_eval_value(interp, e.args[i], vtypes, sv) === Bottom
-            return RTEffects(Bottom, EFFECTS_THROWS)
+            return RTEffects(Bottom, Any, EFFECTS_THROWS)
         end
     end
     effects = foreigncall_effects(e) do @nospecialize x
@@ -2607,7 +2657,7 @@ function abstract_eval_foreigncall(interp::AbstractInterpreter, e::Expr, vtypes:
             inaccessiblememonly = override.inaccessiblememonly ? ALWAYS_TRUE : effects.inaccessiblememonly,
             noub                = override.noub ? ALWAYS_TRUE : effects.noub)
     end
-    return RTEffects(t, effects)
+    return RTEffects(t, Any, effects)
 end
 
 function abstract_eval_phi(interp::AbstractInterpreter, phi::PhiNode, vtypes::Union{VarTable,Nothing}, sv::AbsIntState)
@@ -2629,11 +2679,12 @@ function abstract_eval_statement(interp::AbstractInterpreter, @nospecialize(e),
     if !isa(e, Expr)
         if isa(e, PhiNode)
             add_curr_ssaflag!(sv, IR_FLAG_EFFECT_FREE | IR_FLAG_NOTHROW)
-            return abstract_eval_phi(interp, e, vtypes, sv)
+            return RTEffects(abstract_eval_phi(interp, e, vtypes, sv), Union{}, EFFECTS_TOTAL)
         end
-        return abstract_eval_special_value(interp, e, vtypes, sv)
+        return RTEffects(abstract_eval_special_value(interp, e, vtypes, sv),
+            Union{}, EFFECTS_TOTAL)
     end
-    (; rt, effects) = abstract_eval_statement_expr(interp, e, vtypes, sv)
+    (; rt, exct, effects) = abstract_eval_statement_expr(interp, e, vtypes, sv)
     if effects.noub === NOUB_IF_NOINBOUNDS
         if !iszero(get_curr_ssaflag(sv) & IR_FLAG_INBOUNDS)
             effects = Effects(effects; noub=ALWAYS_FALSE)
@@ -2659,7 +2710,7 @@ function abstract_eval_statement(interp::AbstractInterpreter, @nospecialize(e),
             sv.pclimitations = IdSet{InferenceState}()
         end
     end
-    return rt
+    return RTEffects(rt, exct, effects)
 end
 
 function isdefined_globalref(g::GlobalRef)
@@ -2887,50 +2938,51 @@ end
 
 struct BasicStmtChange
     changes::Union{Nothing,StateUpdate}
-    type::Any # ::Union{Type, Nothing} - `nothing` if this statement may not be used as an SSA Value
+    rt::Any # extended lattice element or `nothing` - `nothing` if this statement may not be used as an SSA Value
+    exct::Any
     # TODO effects::Effects
-    BasicStmtChange(changes::Union{Nothing,StateUpdate}, @nospecialize type) = new(changes, type)
+    BasicStmtChange(changes::Union{Nothing,StateUpdate}, @nospecialize(rt), @nospecialize(exct)) = new(changes, rt, exct)
 end
 
 @inline function abstract_eval_basic_statement(interp::AbstractInterpreter,
     @nospecialize(stmt), pc_vartable::VarTable, frame::InferenceState)
     if isa(stmt, NewvarNode)
         changes = StateUpdate(stmt.slot, VarState(Bottom, true), pc_vartable, false)
-        return BasicStmtChange(changes, nothing)
+        return BasicStmtChange(changes, nothing, Union{})
     elseif !isa(stmt, Expr)
-        t = abstract_eval_statement(interp, stmt, pc_vartable, frame)
-        return BasicStmtChange(nothing, t)
+        (; rt, exct) = abstract_eval_statement(interp, stmt, pc_vartable, frame)
+        return BasicStmtChange(nothing, rt, exct)
     end
     changes = nothing
     stmt = stmt::Expr
     hd = stmt.head
     if hd === :(=)
-        t = abstract_eval_statement(interp, stmt.args[2], pc_vartable, frame)
-        if t === Bottom
-            return BasicStmtChange(nothing, Bottom)
+        (; rt, exct) = abstract_eval_statement(interp, stmt.args[2], pc_vartable, frame)
+        if rt === Bottom
+            return BasicStmtChange(nothing, Bottom, exct)
         end
         lhs = stmt.args[1]
         if isa(lhs, SlotNumber)
-            changes = StateUpdate(lhs, VarState(t, false), pc_vartable, false)
+            changes = StateUpdate(lhs, VarState(rt, false), pc_vartable, false)
         elseif isa(lhs, GlobalRef)
-            handle_global_assignment!(interp, frame, lhs, t)
+            handle_global_assignment!(interp, frame, lhs, rt)
         elseif !isa(lhs, SSAValue)
             merge_effects!(interp, frame, EFFECTS_UNKNOWN)
         end
-        return BasicStmtChange(changes, t)
+        return BasicStmtChange(changes, rt, exct)
     elseif hd === :method
         fname = stmt.args[1]
         if isa(fname, SlotNumber)
             changes = StateUpdate(fname, VarState(Any, false), pc_vartable, false)
         end
-        return BasicStmtChange(changes, nothing)
+        return BasicStmtChange(changes, nothing, Union{})
     elseif (hd === :code_coverage_effect || (
             hd !== :boundscheck && # :boundscheck can be narrowed to Bool
             is_meta_expr(stmt)))
-        return BasicStmtChange(nothing, Nothing)
+        return BasicStmtChange(nothing, Nothing, Bottom)
     else
-        t = abstract_eval_statement(interp, stmt, pc_vartable, frame)
-        return BasicStmtChange(nothing, t)
+        (; rt, exct) = abstract_eval_statement(interp, stmt, pc_vartable, frame)
+        return BasicStmtChange(nothing, rt, exct)
     end
 end
 
@@ -2991,9 +3043,9 @@ end
 function propagate_to_error_handler!(frame::InferenceState, currpc::Int, W::BitSet, 𝕃ᵢ::AbstractLattice, currstate::VarTable)
     # If this statement potentially threw, propagate the currstate to the
     # exception handler, BEFORE applying any state changes.
-    cur_hand = frame.handler_at[currpc]
+    cur_hand = frame.handler_at[currpc][1]
     if cur_hand != 0
-        enter = frame.src.code[cur_hand]::Expr
+        enter = frame.src.code[frame.handlers[cur_hand].enter_idx]::Expr
         l = enter.args[1]::Int
         exceptbb = block_for_inst(frame.cfg, l)
         if update_bbstate!(𝕃ᵢ, frame, exceptbb, currstate)
@@ -3138,23 +3190,47 @@ function typeinf_local(interp::AbstractInterpreter, frame::InferenceState)
                 # Fall through terminator - treat as regular stmt
             end
             # Process non control-flow statements
-            (; changes, type) = abstract_eval_basic_statement(interp,
+            (; changes, rt, exct) = abstract_eval_basic_statement(interp,
                 stmt, currstate, frame)
+            if exct !== Union{}
+                𝕃ₚ = ipo_lattice(interp)
+                cur_hand = frame.handler_at[currpc][1]
+                if cur_hand == 0
+                    if !⊑(𝕃ₚ, exct, frame.exc_bestguess)
+                        frame.exc_bestguess = tmerge(𝕃ₚ, frame.exc_bestguess, exct)
+                        for (caller, caller_pc) in frame.cycle_backedges
+                            handler = caller.handler_at[caller_pc][1]
+                            if (handler == 0 ? caller.exc_bestguess : caller.handlers[handler].exct) !== Any
+                                push!(caller.ip, block_for_inst(caller.cfg, caller_pc))
+                            end
+                        end
+                    end
+                else
+                    handler_frame = frame.handlers[cur_hand]
+                    if !⊑(𝕃ₚ, exct, handler_frame.exct)
+                        handler_frame.exct = tmerge(𝕃ₚ, handler_frame.exct, exct)
+                        enter = frame.src.code[handler_frame.enter_idx]::Expr
+                        l = enter.args[1]::Int
+                        exceptbb = block_for_inst(frame.cfg, l)
+                        push!(W, exceptbb)
+                    end
+                end
+            end
             if (get_curr_ssaflag(frame) & IR_FLAG_NOTHROW) != IR_FLAG_NOTHROW
                 propagate_to_error_handler!(frame, currpc, W, 𝕃ᵢ, currstate)
             end
-            if type === Bottom
+            if rt === Bottom
                 ssavaluetypes[currpc] = Bottom
                 @goto find_next_bb
             end
             if changes !== nothing
                 stoverwrite1!(currstate, changes)
             end
-            if type === nothing
+            if rt === nothing
                 ssavaluetypes[currpc] = Any
                 continue
             end
-            record_ssa_assign!(𝕃ᵢ, currpc, type, frame)
+            record_ssa_assign!(𝕃ᵢ, currpc, rt, frame)
         end # for currpc in bbstart:bbend
 
         # Case 1: Fallthrough termination
diff --git a/base/compiler/effects.jl b/base/compiler/effects.jl
index 485ba5e416665..4b1ae9dd155b3 100644
--- a/base/compiler/effects.jl
+++ b/base/compiler/effects.jl
@@ -171,6 +171,60 @@ function Effects(effects::Effects = _EFFECTS_UNKNOWN;
         nonoverlayed)
 end
 
+function better_effects(new::Effects, old::Effects)
+    any_improved = false
+    if new.consistent == ALWAYS_TRUE
+        any_improved |= old.consistent != ALWAYS_TRUE
+    elseif new.consistent != old.consistent
+        return false
+    end
+    if new.effect_free == ALWAYS_TRUE
+        any_improved |= old.consistent != ALWAYS_TRUE
+    elseif new.effect_free == EFFECT_FREE_IF_INACCESSIBLEMEMONLY
+        old.effect_free == ALWAYS_TRUE && return false
+        any_improved |= old.effect_free != EFFECT_FREE_IF_INACCESSIBLEMEMONLY
+    elseif new.effect_free != old.effect_free
+        return false
+    end
+    if new.nothrow
+        any_improved |= !old.nothrow
+    elseif new.nothrow != old.nothrow
+        return false
+    end
+    if new.terminates
+        any_improved |= !old.terminates
+    elseif new.terminates != old.terminates
+        return false
+    end
+    if new.notaskstate
+        any_improved |= !old.notaskstate
+    elseif new.notaskstate != old.notaskstate
+        return false
+    end
+    if new.inaccessiblememonly == ALWAYS_TRUE
+        any_improved |= old.inaccessiblememonly != ALWAYS_TRUE
+    elseif new.inaccessiblememonly == INACCESSIBLEMEM_OR_ARGMEMONLY
+        old.inaccessiblememonly == ALWAYS_TRUE && return false
+        any_improved |= old.inaccessiblememonly != INACCESSIBLEMEM_OR_ARGMEMONLY
+    elseif new.inaccessiblememonly != old.inaccessiblememonly
+        return false
+    end
+    if new.noub == ALWAYS_TRUE
+        any_improved |= old.noub != ALWAYS_TRUE
+    elseif new.noub == NOUB_IF_NOINBOUNDS
+        old.noub == ALWAYS_TRUE && return false
+        any_improved |= old.noub != NOUB_IF_NOINBOUNDS
+    elseif new.noub != old.noub
+        return false
+    end
+    if new.nonoverlayed
+        any_improved |= !old.nonoverlayed
+    elseif new.nonoverlayed != old.nonoverlayed
+        return false
+    end
+    return any_improved
+end
+
 function merge_effects(old::Effects, new::Effects)
     return Effects(
         merge_effectbits(old.consistent, new.consistent),
diff --git a/base/compiler/inferencestate.jl b/base/compiler/inferencestate.jl
index 96543308e8bd7..625037f671427 100644
--- a/base/compiler/inferencestate.jl
+++ b/base/compiler/inferencestate.jl
@@ -198,6 +198,11 @@ to enable flow-sensitive analysis.
 """
 const VarTable = Vector{VarState}
 
+mutable struct TryCatchFrame
+    exct
+    const enter_idx
+end
+
 mutable struct InferenceState
     #= information about this method instance =#
     linfo::MethodInstance
@@ -213,7 +218,8 @@ mutable struct InferenceState
     currbb::Int
     currpc::Int
     ip::BitSet#=TODO BoundedMinPrioritySet=# # current active instruction pointers
-    handler_at::Vector{Int} # current exception handler info
+    handlers::Vector{TryCatchFrame}
+    handler_at::Vector{Tuple{Int, Int}} # tuple of current (handler, excecption stack) value at the pc
     ssavalue_uses::Vector{BitSet} # ssavalue sparsity and restart info
     # TODO: Could keep this sparsely by doing structural liveness analysis ahead of time.
     bb_vartables::Vector{Union{Nothing,VarTable}} # nothing if not analyzed yet
@@ -234,6 +240,7 @@ mutable struct InferenceState
     unreachable::BitSet # statements that were found to be statically unreachable
     valid_worlds::WorldRange
     bestguess #::Type
+    exc_bestguess
     ipo_effects::Effects
 
     #= flags =#
@@ -261,7 +268,7 @@ mutable struct InferenceState
 
         currbb = currpc = 1
         ip = BitSet(1) # TODO BitSetBoundedMinPrioritySet(1)
-        handler_at = compute_trycatch(code, BitSet())
+        handler_at, handlers = compute_trycatch(code, BitSet())
         nssavalues = src.ssavaluetypes::Int
         ssavalue_uses = find_ssavalue_uses(code, nssavalues)
         nstmts = length(code)
@@ -291,6 +298,7 @@ mutable struct InferenceState
 
         valid_worlds = WorldRange(src.min_world, src.max_world == typemax(UInt) ? get_world_counter() : src.max_world)
         bestguess = Bottom
+        exc_bestguess = Bottom
         ipo_effects = EFFECTS_TOTAL
 
         insert_coverage = should_insert_coverage(mod, src)
@@ -311,9 +319,9 @@ mutable struct InferenceState
 
         return new(
             linfo, world, mod, sptypes, slottypes, src, cfg, method_info,
-            currbb, currpc, ip, handler_at, ssavalue_uses, bb_vartables, ssavaluetypes, stmt_edges, stmt_info,
+            currbb, currpc, ip, handlers, handler_at, ssavalue_uses, bb_vartables, ssavaluetypes, stmt_edges, stmt_info,
             pclimitations, limitations, cycle_backedges, callers_in_cycle, dont_work_on_me, parent,
-            result, unreachable, valid_worlds, bestguess, ipo_effects,
+            result, unreachable, valid_worlds, bestguess, exc_bestguess, ipo_effects,
             restrict_abstract_call_sites, cache_mode, insert_coverage,
             interp)
     end
@@ -343,16 +351,19 @@ function compute_trycatch(code::Vector{Any}, ip::BitSet)
     empty!(ip)
     ip.offset = 0 # for _bits_findnext
     push!(ip, n + 1)
-    handler_at = fill(0, n)
+    handler_at = fill((0, 0), n)
+    handlers = TryCatchFrame[]
 
     # start from all :enter statements and record the location of the try
     for pc = 1:n
         stmt = code[pc]
         if isexpr(stmt, :enter)
             l = stmt.args[1]::Int
-            handler_at[pc + 1] = pc
+            push!(handlers, TryCatchFrame(Bottom, pc))
+            handler_id = length(handlers)
+            handler_at[pc + 1] = (handler_id, 0)
             push!(ip, pc + 1)
-            handler_at[l] = pc
+            handler_at[l] = (handler_id, handler_id)
             push!(ip, l)
         end
     end
@@ -365,25 +376,26 @@ function compute_trycatch(code::Vector{Any}, ip::BitSet)
         while true # inner loop optimizes the common case where it can run straight from pc to pc + 1
             pc´ = pc + 1 # next program-counter (after executing instruction)
             delete!(ip, pc)
-            cur_hand = handler_at[pc]
-            @assert cur_hand != 0 "unbalanced try/catch"
+            cur_stacks = handler_at[pc]
+            @assert cur_stacks != (0, 0) "unbalanced try/catch"
             stmt = code[pc]
             if isa(stmt, GotoNode)
                 pc´ = stmt.label
             elseif isa(stmt, GotoIfNot)
                 l = stmt.dest::Int
-                if handler_at[l] != cur_hand
-                    @assert handler_at[l] == 0 "unbalanced try/catch"
-                    handler_at[l] = cur_hand
+                if handler_at[l] != cur_stacks
+                    @assert handler_at[l][1] == 0 || handler_at[l][1] == cur_stacks[1] "unbalanced try/catch"
+                    handler_at[l] = cur_stacks
                     push!(ip, l)
                 end
             elseif isa(stmt, ReturnNode)
-                @assert !isdefined(stmt, :val) "unbalanced try/catch"
+                @assert !isdefined(stmt, :val) || cur_stacks[1] == 0 "unbalanced try/catch"
                 break
             elseif isa(stmt, Expr)
                 head = stmt.head
                 if head === :enter
-                    cur_hand = pc
+                    # Already set aboves
+                    cur_stacks = (handler_at[pc´][1], cur_stacks[2])
                 elseif head === :leave
                     l = 0
                     for j = 1:length(stmt.args)
@@ -399,19 +411,20 @@ function compute_trycatch(code::Vector{Any}, ip::BitSet)
                         end
                         l += 1
                     end
+                    cur_hand = cur_stacks[1]
                     for i = 1:l
-                        cur_hand = handler_at[cur_hand]
+                        cur_hand = handler_at[handlers[cur_hand].enter_idx][1]
                     end
-                    cur_hand == 0 && break
+                    cur_stacks = (cur_hand, cur_stacks[2])
+                    cur_stacks == (0, 0) && break
+                elseif head === :pop_exception
+                    cur_stacks = (cur_stacks[1], handler_at[(stmt.args[1]::SSAValue).id][2])
                 end
             end
 
             pc´ > n && break # can't proceed with the fast-path fall-through
-            if handler_at[pc´] != cur_hand
-                if handler_at[pc´] != 0
-                    @assert false "unbalanced try/catch"
-                end
-                handler_at[pc´] = cur_hand
+            if handler_at[pc´] != cur_stacks
+                handler_at[pc´] = cur_stacks
             elseif !in(pc´, ip)
                 break  # already visited
             end
@@ -420,7 +433,7 @@ function compute_trycatch(code::Vector{Any}, ip::BitSet)
     end
 
     @assert first(ip) == n + 1
-    return handler_at
+    return handler_at, handlers
 end
 
 # check if coverage mode is enabled
diff --git a/base/compiler/ssair/irinterp.jl b/base/compiler/ssair/irinterp.jl
index 0e34cf9ce70bc..ff9f0044917f7 100644
--- a/base/compiler/ssair/irinterp.jl
+++ b/base/compiler/ssair/irinterp.jl
@@ -46,9 +46,9 @@ end
 
 function abstract_call(interp::AbstractInterpreter, arginfo::ArgInfo, irsv::IRInterpretationState)
     si = StmtInfo(true) # TODO better job here?
-    (; rt, effects, info) = abstract_call(interp, arginfo, si, irsv)
+    (; rt, exct, effects, info) = abstract_call(interp, arginfo, si, irsv)
     irsv.ir.stmts[irsv.curridx][:info] = info
-    return RTEffects(rt, effects)
+    return RTEffects(rt, exct, effects)
 end
 
 function update_phi!(irsv::IRInterpretationState, from::Int, to::Int)
diff --git a/base/compiler/ssair/slot2ssa.jl b/base/compiler/ssair/slot2ssa.jl
index 1f682d9168413..5f07a2eb3f876 100644
--- a/base/compiler/ssair/slot2ssa.jl
+++ b/base/compiler/ssair/slot2ssa.jl
@@ -584,7 +584,7 @@ function construct_ssa!(ci::CodeInfo, ir::IRCode, sv::OptimizationState,
     end
 
     # Record the correct exception handler for all critical sections
-    handler_at = compute_trycatch(code, BitSet())
+    handler_at, handlers = compute_trycatch(code, BitSet())
 
     phi_slots = Vector{Int}[Int[] for _ = 1:length(ir.cfg.blocks)]
     live_slots = Vector{Int}[Int[] for _ = 1:length(ir.cfg.blocks)]
@@ -810,8 +810,8 @@ function construct_ssa!(ci::CodeInfo, ir::IRCode, sv::OptimizationState,
                         incoming_vals[id] = Pair{Any, Any}(thisval, thisdef)
                         has_pinode[id] = false
                         enter_idx = idx
-                        while handler_at[enter_idx] != 0
-                            enter_idx = handler_at[enter_idx]
+                        while handler_at[enter_idx][1] != 0
+                            (; enter_idx) = handlers[handler_at[enter_idx][1]]
                             leave_block = block_for_inst(cfg, code[enter_idx].args[1]::Int)
                             cidx = findfirst((; slot)::NewPhiCNode2->slot_id(slot)==id, new_phic_nodes[leave_block])
                             if cidx !== nothing
diff --git a/base/compiler/stmtinfo.jl b/base/compiler/stmtinfo.jl
index 9f55d56181838..d2f47ab26a152 100644
--- a/base/compiler/stmtinfo.jl
+++ b/base/compiler/stmtinfo.jl
@@ -10,6 +10,7 @@ and any additional information (`call.info`) for a given generic call.
 """
 struct CallMeta
     rt::Any
+    exct::Any
     effects::Effects
     info::CallInfo
 end
diff --git a/base/compiler/tfuncs.jl b/base/compiler/tfuncs.jl
index cc555e5bde5b6..d1f0cd28edd01 100644
--- a/base/compiler/tfuncs.jl
+++ b/base/compiler/tfuncs.jl
@@ -1377,10 +1377,10 @@ end
 function abstract_modifyfield!(interp::AbstractInterpreter, argtypes::Vector{Any}, si::StmtInfo, sv::AbsIntState)
     nargs = length(argtypes)
     if !isempty(argtypes) && isvarargtype(argtypes[nargs])
-        nargs - 1 <= 6 || return CallMeta(Bottom, EFFECTS_THROWS, NoCallInfo())
-        nargs > 3 || return CallMeta(Any, Effects(), NoCallInfo())
+        nargs - 1 <= 6 || return CallMeta(Bottom, Any, EFFECTS_THROWS, NoCallInfo())
+        nargs > 3 || return CallMeta(Any, Any, Effects(), NoCallInfo())
     else
-        5 <= nargs <= 6 || return CallMeta(Bottom, EFFECTS_THROWS, NoCallInfo())
+        5 <= nargs <= 6 || return CallMeta(Bottom, Any, EFFECTS_THROWS, NoCallInfo())
     end
     𝕃ᵢ = typeinf_lattice(interp)
     o = unwrapva(argtypes[2])
@@ -1402,7 +1402,7 @@ function abstract_modifyfield!(interp::AbstractInterpreter, argtypes::Vector{Any
         end
         info = ModifyFieldInfo(callinfo.info)
     end
-    return CallMeta(RT, Effects(), info)
+    return CallMeta(RT, Any, Effects(), info)
 end
 @nospecs function replacefield!_tfunc(𝕃::AbstractLattice, o, f, x, v, success_order, failure_order)
     return replacefield!_tfunc(𝕃, o, f, x, v)
@@ -2702,7 +2702,7 @@ end
 # since abstract_call_gf_by_type is a very inaccurate model of _method and of typeinf_type,
 # while this assumes that it is an absolutely precise and accurate and exact model of both
 function return_type_tfunc(interp::AbstractInterpreter, argtypes::Vector{Any}, si::StmtInfo, sv::AbsIntState)
-    UNKNOWN = CallMeta(Type, EFFECTS_THROWS, NoCallInfo())
+    UNKNOWN = CallMeta(Type, Any, EFFECTS_THROWS, NoCallInfo())
     if !(2 <= length(argtypes) <= 3)
         return UNKNOWN
     end
@@ -2731,7 +2731,7 @@ function return_type_tfunc(interp::AbstractInterpreter, argtypes::Vector{Any}, s
     end
 
     if contains_is(argtypes_vec, Union{})
-        return CallMeta(Const(Union{}), EFFECTS_TOTAL, NoCallInfo())
+        return CallMeta(Const(Union{}), Any, EFFECTS_TOTAL, NoCallInfo())
     end
 
     # Run the abstract_call without restricting abstract call
@@ -2749,33 +2749,33 @@ function return_type_tfunc(interp::AbstractInterpreter, argtypes::Vector{Any}, s
     rt = widenslotwrapper(call.rt)
     if isa(rt, Const)
         # output was computed to be constant
-        return CallMeta(Const(typeof(rt.val)), EFFECTS_TOTAL, info)
+        return CallMeta(Const(typeof(rt.val)), Any, EFFECTS_TOTAL, info)
     end
     rt = widenconst(rt)
     if rt === Bottom || (isconcretetype(rt) && !iskindtype(rt))
         # output cannot be improved so it is known for certain
-        return CallMeta(Const(rt), EFFECTS_TOTAL, info)
+        return CallMeta(Const(rt), Union{}, EFFECTS_TOTAL, info)
     elseif isa(sv, InferenceState) && !isempty(sv.pclimitations)
         # conservatively express uncertainty of this result
         # in two ways: both as being a subtype of this, and
         # because of LimitedAccuracy causes
-        return CallMeta(Type{<:rt}, EFFECTS_TOTAL, info)
+        return CallMeta(Type{<:rt}, Union{}, EFFECTS_TOTAL, info)
     elseif isa(tt, Const) || isconstType(tt)
         # input arguments were known for certain
         # XXX: this doesn't imply we know anything about rt
-        return CallMeta(Const(rt), EFFECTS_TOTAL, info)
+        return CallMeta(Const(rt), Union{}, EFFECTS_TOTAL, info)
     elseif isType(rt)
-        return CallMeta(Type{rt}, EFFECTS_TOTAL, info)
+        return CallMeta(Type{rt}, Union{}, EFFECTS_TOTAL, info)
     else
-        return CallMeta(Type{<:rt}, EFFECTS_TOTAL, info)
+        return CallMeta(Type{<:rt}, Union{}, EFFECTS_TOTAL, info)
     end
 end
 
 # a simplified model of abstract_call_gf_by_type for applicable
 function abstract_applicable(interp::AbstractInterpreter, argtypes::Vector{Any},
                              sv::AbsIntState, max_methods::Int)
-    length(argtypes) < 2 && return CallMeta(Bottom, EFFECTS_THROWS, NoCallInfo())
-    isvarargtype(argtypes[2]) && return CallMeta(Bool, EFFECTS_UNKNOWN, NoCallInfo())
+    length(argtypes) < 2 && return CallMeta(Bottom, Any, EFFECTS_THROWS, NoCallInfo())
+    isvarargtype(argtypes[2]) && return CallMeta(Bool, Any, EFFECTS_UNKNOWN, NoCallInfo())
     argtypes = argtypes[2:end]
     atype = argtypes_to_type(argtypes)
     matches = find_matching_methods(typeinf_lattice(interp), argtypes, atype, method_table(interp),
@@ -2814,7 +2814,7 @@ function abstract_applicable(interp::AbstractInterpreter, argtypes::Vector{Any},
             end
         end
     end
-    return CallMeta(rt, EFFECTS_TOTAL, NoCallInfo())
+    return CallMeta(rt, Union{}, EFFECTS_TOTAL, NoCallInfo())
 end
 add_tfunc(applicable, 1, INT_INF, @nospecs((𝕃::AbstractLattice, f, args...)->Bool), 40)
 
@@ -2823,26 +2823,26 @@ function _hasmethod_tfunc(interp::AbstractInterpreter, argtypes::Vector{Any}, sv
     if length(argtypes) == 3 && !isvarargtype(argtypes[3])
         ft′ = argtype_by_index(argtypes, 2)
         ft = widenconst(ft′)
-        ft === Bottom && return CallMeta(Bool, EFFECTS_THROWS, NoCallInfo())
+        ft === Bottom && return CallMeta(Bool, Any, EFFECTS_THROWS, NoCallInfo())
         typeidx = 3
     elseif length(argtypes) == 2 && !isvarargtype(argtypes[2])
         typeidx = 2
     else
-        return CallMeta(Any, Effects(), NoCallInfo())
+        return CallMeta(Any, Any, Effects(), NoCallInfo())
     end
     (types, isexact, isconcrete, istype) = instanceof_tfunc(argtype_by_index(argtypes, typeidx), false)
-    isexact || return CallMeta(Bool, Effects(), NoCallInfo())
+    isexact || return CallMeta(Bool, Any, Effects(), NoCallInfo())
     unwrapped = unwrap_unionall(types)
     if types === Bottom || !(unwrapped isa DataType) || unwrapped.name !== Tuple.name
-        return CallMeta(Bool, EFFECTS_THROWS, NoCallInfo())
+        return CallMeta(Bool, Any, EFFECTS_THROWS, NoCallInfo())
     end
     if typeidx == 3
-        isdispatchelem(ft) || return CallMeta(Bool, Effects(), NoCallInfo()) # check that we might not have a subtype of `ft` at runtime, before doing supertype lookup below
+        isdispatchelem(ft) || return CallMeta(Bool, Any, Effects(), NoCallInfo()) # check that we might not have a subtype of `ft` at runtime, before doing supertype lookup below
         types = rewrap_unionall(Tuple{ft, unwrapped.parameters...}, types)::Type
     end
     mt = ccall(:jl_method_table_for, Any, (Any,), types)
     if !isa(mt, MethodTable)
-        return CallMeta(Bool, EFFECTS_THROWS, NoCallInfo())
+        return CallMeta(Bool, Any, EFFECTS_THROWS, NoCallInfo())
     end
     match, valid_worlds = findsup(types, method_table(interp))
     update_valid_age!(sv, valid_worlds)
@@ -2854,7 +2854,7 @@ function _hasmethod_tfunc(interp::AbstractInterpreter, argtypes::Vector{Any}, sv
         edge = specialize_method(match)::MethodInstance
         add_invoke_backedge!(sv, types, edge)
     end
-    return CallMeta(rt, EFFECTS_TOTAL, NoCallInfo())
+    return CallMeta(rt, Any, EFFECTS_TOTAL, NoCallInfo())
 end
 
 # N.B.: typename maps type equivalence classes to a single value
diff --git a/base/compiler/typeinfer.jl b/base/compiler/typeinfer.jl
index cab02a39c87c1..6ec49d76aba9f 100644
--- a/base/compiler/typeinfer.jl
+++ b/base/compiler/typeinfer.jl
@@ -333,7 +333,7 @@ function CodeInstance(interp::AbstractInterpreter, result::InferenceResult,
     end
     # relocatability = isa(inferred_result, String) ? inferred_result[end] : UInt8(0)
     return CodeInstance(result.linfo,
-        widenconst(result_type), rettype_const, inferred_result,
+        widenconst(result_type), widenconst(result.exc_result), rettype_const, inferred_result,
         const_flags, first(valid_worlds), last(valid_worlds),
         # TODO: Actually do something with non-IPO effects
         encode_effects(result.ipo_effects), encode_effects(result.ipo_effects), result.argescapes,
@@ -526,7 +526,8 @@ function finish(me::InferenceState, interp::AbstractInterpreter)
     # inspect whether our inference had a limited result accuracy,
     # else it may be suitable to cache
     bestguess = me.bestguess = cycle_fix_limited(me.bestguess, me)
-    limited_ret = bestguess isa LimitedAccuracy
+    exc_bestguess = me.exc_bestguess = cycle_fix_limited(me.exc_bestguess, me)
+    limited_ret = bestguess isa LimitedAccuracy || exc_bestguess isa LimitedAccuracy
     limited_src = false
     if !limited_ret
         gt = me.ssavaluetypes
@@ -538,9 +539,6 @@ function finish(me::InferenceState, interp::AbstractInterpreter)
             end
         end
     end
-    me.result.valid_worlds = me.valid_worlds
-    me.result.result = bestguess
-    me.ipo_effects = me.result.ipo_effects = adjust_effects(me)
 
     if limited_ret
         # a parent may be cached still, but not this intermediate work:
@@ -570,6 +568,10 @@ function finish(me::InferenceState, interp::AbstractInterpreter)
             me.result.src = me.src # for reflection etc.
         end
     end
+    me.result.valid_worlds = me.valid_worlds
+    me.result.result = bestguess
+    me.ipo_effects = me.result.ipo_effects = adjust_effects(me)
+    me.result.exc_result = exc_bestguess
     validate_code_in_debug_mode(me.linfo, me.src, "inferred")
     nothing
 end
@@ -797,13 +799,14 @@ end
 ipo_effects(code::CodeInstance) = decode_effects(code.ipo_purity_bits)
 
 struct EdgeCallResult
-    rt #::Type
+    rt
+    exct
     edge::Union{Nothing,MethodInstance}
     effects::Effects
-    function EdgeCallResult(@nospecialize(rt),
+    function EdgeCallResult(@nospecialize(rt), @nospecialize(exct),
                             edge::Union{Nothing,MethodInstance},
                             effects::Effects)
-        return new(rt, edge, effects)
+        return new(rt, exct, edge, effects)
     end
 end
 
@@ -822,14 +825,14 @@ function typeinf_edge(interp::AbstractInterpreter, method::Method, @nospecialize
             rt = cached_return_type(code)
             effects = ipo_effects(code)
             update_valid_age!(caller, WorldRange(min_world(code), max_world(code)))
-            return EdgeCallResult(rt, mi, effects)
+            return EdgeCallResult(rt, code.exctype, mi, effects)
         end
     else
         cache_mode = :global # cache edge targets by default
     end
     if ccall(:jl_get_module_infer, Cint, (Any,), method.module) == 0 && !generating_output(#=incremental=#false)
         add_remark!(interp, caller, "Inference is disabled for the target module")
-        return EdgeCallResult(Any, nothing, Effects())
+        return EdgeCallResult(Any, Any, nothing, Effects())
     end
     if !is_cached(caller) && frame_parent(caller) === nothing
         # this caller exists to return to the user
@@ -847,7 +850,7 @@ function typeinf_edge(interp::AbstractInterpreter, method::Method, @nospecialize
             add_remark!(interp, caller, "Failed to retrieve source")
             # can't get the source for this, so we know nothing
             unlock_mi_inference(interp, mi)
-            return EdgeCallResult(Any, nothing, Effects())
+            return EdgeCallResult(Any, Any, nothing, Effects())
         end
         if is_cached(caller) || frame_parent(caller) !== nothing # don't involve uncached functions in cycle resolution
             frame.parent = caller
@@ -857,15 +860,15 @@ function typeinf_edge(interp::AbstractInterpreter, method::Method, @nospecialize
         isinferred = is_inferred(frame)
         edge = isinferred ? mi : nothing
         effects = isinferred ? frame.ipo_effects : adjust_effects(Effects(), method) # effects are adjusted already within `finish` for ipo_effects
-        return EdgeCallResult(frame.bestguess, edge, effects)
+        return EdgeCallResult(frame.bestguess, frame.exc_bestguess, edge, effects)
     elseif frame === true
         # unresolvable cycle
-        return EdgeCallResult(Any, nothing, Effects())
+        return EdgeCallResult(Any, Any, nothing, Effects())
     end
     # return the current knowledge about this cycle
     frame = frame::InferenceState
     update_valid_age!(caller, frame.valid_worlds)
-    return EdgeCallResult(frame.bestguess, nothing, adjust_effects(Effects(), method))
+    return EdgeCallResult(frame.bestguess, frame.exc_bestguess, nothing, adjust_effects(Effects(), method))
 end
 
 function cached_return_type(code::CodeInstance)
diff --git a/base/compiler/types.jl b/base/compiler/types.jl
index c53256c61ace9..7a8222bd93674 100644
--- a/base/compiler/types.jl
+++ b/base/compiler/types.jl
@@ -71,6 +71,7 @@ mutable struct InferenceResult
     const argtypes::Vector{Any}
     const overridden_by_const::BitVector
     result                   # extended lattice element if inferred, nothing otherwise
+    exc_result               # like `result`, but for the thrown value
     src                      # ::Union{CodeInfo, IRCode, OptimizationState} if inferred copy is available, nothing otherwise
     valid_worlds::WorldRange # if inference and optimization is finished
     ipo_effects::Effects     # if inference is finished
@@ -81,7 +82,7 @@ mutable struct InferenceResult
         # def = linfo.def
         # nargs = def isa Method ? Int(def.nargs) : 0
         # @assert length(cache_argtypes) == nargs
-        return new(linfo, cache_argtypes, overridden_by_const, nothing, nothing,
+        return new(linfo, cache_argtypes, overridden_by_const, nothing, nothing, nothing,
             WorldRange(), Effects(), Effects(), nothing, true)
     end
 end
diff --git a/base/compiler/utilities.jl b/base/compiler/utilities.jl
index 8f980bb681142..7aaaa46095dfd 100644
--- a/base/compiler/utilities.jl
+++ b/base/compiler/utilities.jl
@@ -459,14 +459,14 @@ function is_throw_call(e::Expr)
     return false
 end
 
-function mark_throw_blocks!(src::CodeInfo, handler_at::Vector{Int})
+function mark_throw_blocks!(src::CodeInfo, handler_at::Vector{Tuple{Int, Int}})
     for stmt in find_throw_blocks(src.code, handler_at)
         src.ssaflags[stmt] |= IR_FLAG_THROW_BLOCK
     end
     return nothing
 end
 
-function find_throw_blocks(code::Vector{Any}, handler_at::Vector{Int})
+function find_throw_blocks(code::Vector{Any}, handler_at::Vector{Tuple{Int, Int}})
     stmts = BitSet()
     n = length(code)
     for i in n:-1:1
@@ -479,7 +479,7 @@ function find_throw_blocks(code::Vector{Any}, handler_at::Vector{Int})
             elseif s.head === :return
                 # see `ReturnNode` handling
             elseif is_throw_call(s)
-                if handler_at[i] == 0
+                if handler_at[i][1] == 0
                     push!(stmts, i)
                 end
             elseif i+1 in stmts
diff --git a/src/gf.c b/src/gf.c
index 0ad875b167506..a630b6d663654 100644
--- a/src/gf.c
+++ b/src/gf.c
@@ -284,13 +284,6 @@ JL_DLLEXPORT jl_value_t *jl_methtable_lookup(jl_methtable_t *mt, jl_value_t *typ
 
 // ----- MethodInstance specialization instantiation ----- //
 
-JL_DLLEXPORT jl_code_instance_t* jl_new_codeinst(
-        jl_method_instance_t *mi, jl_value_t *rettype,
-        jl_value_t *inferred_const, jl_value_t *inferred,
-        int32_t const_flags, size_t min_world, size_t max_world,
-        uint32_t ipo_effects, uint32_t effects, jl_value_t *argescapes,
-        uint8_t relocatability);
-
 jl_datatype_t *jl_mk_builtin_func(jl_datatype_t *dt, const char *name, jl_fptr_args_t fptr) JL_GC_DISABLED
 {
     jl_sym_t *sname = jl_symbol(name);
@@ -323,7 +316,7 @@ jl_datatype_t *jl_mk_builtin_func(jl_datatype_t *dt, const char *name, jl_fptr_a
     jl_gc_wb(m, mi);
 
     jl_code_instance_t *codeinst = jl_new_codeinst(mi,
-        (jl_value_t*)jl_any_type, jl_nothing, jl_nothing,
+        (jl_value_t*)jl_any_type, (jl_value_t*)jl_any_type, jl_nothing, jl_nothing,
         0, 1, ~(size_t)0, 0, 0, jl_nothing, 0);
     jl_mi_cache_insert(mi, codeinst);
     jl_atomic_store_relaxed(&codeinst->specptr.fptr1, fptr);
@@ -466,7 +459,7 @@ JL_DLLEXPORT jl_code_instance_t *jl_get_method_inferred(
         codeinst = jl_atomic_load_relaxed(&codeinst->next);
     }
     codeinst = jl_new_codeinst(
-        mi, rettype, NULL, NULL,
+        mi, rettype, (jl_value_t*)jl_any_type, NULL, NULL,
         0, min_world, max_world, 0, 0, jl_nothing, 0);
     jl_mi_cache_insert(mi, codeinst);
     return codeinst;
@@ -483,7 +476,7 @@ JL_DLLEXPORT jl_code_instance_t *jl_get_codeinst_for_src(
 }
 
 JL_DLLEXPORT jl_code_instance_t *jl_new_codeinst(
-        jl_method_instance_t *mi, jl_value_t *rettype,
+        jl_method_instance_t *mi, jl_value_t *rettype, jl_value_t *exctype,
         jl_value_t *inferred_const, jl_value_t *inferred,
         int32_t const_flags, size_t min_world, size_t max_world,
         uint32_t ipo_effects, uint32_t effects, jl_value_t *argescapes,
@@ -498,6 +491,7 @@ JL_DLLEXPORT jl_code_instance_t *jl_new_codeinst(
     codeinst->min_world = min_world;
     codeinst->max_world = max_world;
     codeinst->rettype = rettype;
+    codeinst->exctype = exctype;
     jl_atomic_store_release(&codeinst->inferred, inferred);
     //codeinst->edges = NULL;
     if ((const_flags & 2) == 0)
@@ -2455,7 +2449,7 @@ jl_code_instance_t *jl_compile_method_internal(jl_method_instance_t *mi, size_t
                 jl_callptr_t unspec_invoke = NULL;
                 if (unspec && (unspec_invoke = jl_atomic_load_acquire(&unspec->invoke))) {
                     jl_code_instance_t *codeinst = jl_new_codeinst(mi,
-                        (jl_value_t*)jl_any_type, NULL, NULL,
+                        (jl_value_t*)jl_any_type, (jl_value_t*)jl_any_type, NULL, NULL,
                         0, 1, ~(size_t)0, 0, 0, jl_nothing, 0);
                     void *unspec_fptr = jl_atomic_load_relaxed(&unspec->specptr.fptr);
                     if (unspec_fptr) {
@@ -2482,7 +2476,7 @@ jl_code_instance_t *jl_compile_method_internal(jl_method_instance_t *mi, size_t
         jl_code_info_t *src = jl_code_for_interpreter(mi, world);
         if (!jl_code_requires_compiler(src, 0)) {
             jl_code_instance_t *codeinst = jl_new_codeinst(mi,
-                (jl_value_t*)jl_any_type, NULL, NULL,
+                (jl_value_t*)jl_any_type, (jl_value_t*)jl_any_type, NULL, NULL,
                 0, 1, ~(size_t)0, 0, 0, jl_nothing, 0);
             jl_atomic_store_release(&codeinst->invoke, jl_fptr_interpret_call);
             jl_mi_cache_insert(mi, codeinst);
@@ -2519,7 +2513,7 @@ jl_code_instance_t *jl_compile_method_internal(jl_method_instance_t *mi, size_t
             // only these care about the exact specTypes, otherwise we can use it directly
             return ucache;
         }
-        codeinst = jl_new_codeinst(mi, (jl_value_t*)jl_any_type, NULL, NULL,
+        codeinst = jl_new_codeinst(mi, (jl_value_t*)jl_any_type, (jl_value_t*)jl_any_type, NULL, NULL,
             0, 1, ~(size_t)0, 0, 0, jl_nothing, 0);
         void *unspec_fptr = jl_atomic_load_relaxed(&ucache->specptr.fptr);
         if (unspec_fptr) {
diff --git a/src/jltypes.c b/src/jltypes.c
index 154fa49953f34..b36ec677978a3 100644
--- a/src/jltypes.c
+++ b/src/jltypes.c
@@ -3245,12 +3245,13 @@ void jl_init_types(void) JL_GC_DISABLED
     jl_code_instance_type =
         jl_new_datatype(jl_symbol("CodeInstance"), core,
                         jl_any_type, jl_emptysvec,
-                        jl_perm_symsvec(15,
+                        jl_perm_symsvec(16,
                             "def",
                             "next",
                             "min_world",
                             "max_world",
                             "rettype",
+                            "exctype",
                             "rettype_const",
                             "inferred",
                             //"edges",
@@ -3259,7 +3260,7 @@ void jl_init_types(void) JL_GC_DISABLED
                             "argescapes",
                             "isspecsig", "precompile", "relocatability",
                             "invoke", "specptr"), // function object decls
-                        jl_svec(15,
+                        jl_svec(16,
                             jl_method_instance_type,
                             jl_any_type,
                             jl_ulong_type,
@@ -3267,6 +3268,7 @@ void jl_init_types(void) JL_GC_DISABLED
                             jl_any_type,
                             jl_any_type,
                             jl_any_type,
+                            jl_any_type,
                             //jl_any_type,
                             //jl_bool_type,
                             jl_uint32_type, jl_uint32_type,
@@ -3278,8 +3280,8 @@ void jl_init_types(void) JL_GC_DISABLED
                         jl_emptysvec,
                         0, 1, 1);
     jl_svecset(jl_code_instance_type->types, 1, jl_code_instance_type);
-    const static uint32_t code_instance_constfields[1]  = { 0b000001010110001 }; // Set fields 1, 5-6, 8, 10 as const
-    const static uint32_t code_instance_atomicfields[1] = { 0b110100101000010 }; // Set fields 2, 7, 9, 12, 14-15 as atomic
+    const static uint32_t code_instance_constfields[1]  = { 0b0000010101100001 }; // Set fields 1, 6-7, 9, 11 as const
+    const static uint32_t code_instance_atomicfields[1] = { 0b1101001010000010 }; // Set fields 2, 8, 10, 13, 15-16 as atomic
     //Fields 3-4 are only operated on by construction and deserialization, so are const at runtime
     //Fields 11 and 15 must be protected by locks, and thus all operations on jl_code_instance_t are threadsafe
     jl_code_instance_type->name->constfields = code_instance_constfields;
@@ -3421,8 +3423,8 @@ void jl_init_types(void) JL_GC_DISABLED
     jl_svecset(jl_methtable_type->types, 10, jl_uint8_type);
     jl_svecset(jl_method_type->types, 12, jl_method_instance_type);
     jl_svecset(jl_method_instance_type->types, 6, jl_code_instance_type);
-    jl_svecset(jl_code_instance_type->types, 13, jl_voidpointer_type);
     jl_svecset(jl_code_instance_type->types, 14, jl_voidpointer_type);
+    jl_svecset(jl_code_instance_type->types, 15, jl_voidpointer_type);
     jl_svecset(jl_binding_type->types, 1, jl_globalref_type);
     jl_svecset(jl_binding_type->types, 2, jl_binding_type);
 
diff --git a/src/julia.h b/src/julia.h
index 1a8e62f9dcf9d..e6ca348c35c53 100644
--- a/src/julia.h
+++ b/src/julia.h
@@ -410,6 +410,7 @@ typedef struct _jl_code_instance_t {
 
     // inference state cache
     jl_value_t *rettype; // return type for fptr
+    jl_value_t *exctype; // thrown type for fptr
     jl_value_t *rettype_const; // inferred constant return value, or null
     _Atomic(jl_value_t *) inferred; // inferred jl_code_info_t (may be compressed), or jl_nothing, or null
     //TODO: jl_array_t *edges; // stored information about edges from this object
diff --git a/src/julia_internal.h b/src/julia_internal.h
index 09a963258d566..c24e20786aa74 100644
--- a/src/julia_internal.h
+++ b/src/julia_internal.h
@@ -623,6 +623,13 @@ JL_DLLEXPORT jl_code_instance_t *jl_get_codeinst_for_src(
 jl_method_instance_t *jl_get_unspecialized_from_mi(jl_method_instance_t *method JL_PROPAGATES_ROOT);
 jl_method_instance_t *jl_get_unspecialized(jl_method_t *def JL_PROPAGATES_ROOT);
 
+JL_DLLEXPORT jl_code_instance_t* jl_new_codeinst(
+        jl_method_instance_t *mi, jl_value_t *rettype, jl_value_t *exctype,
+        jl_value_t *inferred_const, jl_value_t *inferred,
+        int32_t const_flags, size_t min_world, size_t max_world,
+        uint32_t ipo_effects, uint32_t effects, jl_value_t *argescapes,
+        uint8_t relocatability);
+
 JL_DLLEXPORT void jl_compile_method_instance(jl_method_instance_t *mi, jl_tupletype_t *types, size_t world);
 JL_DLLEXPORT int jl_compile_hint(jl_tupletype_t *types);
 jl_code_info_t *jl_code_for_interpreter(jl_method_instance_t *lam JL_PROPAGATES_ROOT, size_t world);
diff --git a/src/opaque_closure.c b/src/opaque_closure.c
index d73beff0f8587..8d8698c67ed9a 100644
--- a/src/opaque_closure.c
+++ b/src/opaque_closure.c
@@ -134,13 +134,6 @@ jl_opaque_closure_t *jl_new_opaque_closure(jl_tupletype_t *argt, jl_value_t *rt_
 jl_method_t *jl_make_opaque_closure_method(jl_module_t *module, jl_value_t *name,
     int nargs, jl_value_t *functionloc, jl_code_info_t *ci, int isva);
 
-JL_DLLEXPORT jl_code_instance_t* jl_new_codeinst(
-        jl_method_instance_t *mi, jl_value_t *rettype,
-        jl_value_t *inferred_const, jl_value_t *inferred,
-        int32_t const_flags, size_t min_world, size_t max_world,
-        uint32_t ipo_effects, uint32_t effects, jl_value_t *argescapes,
-        uint8_t relocatability);
-
 JL_DLLEXPORT jl_opaque_closure_t *jl_new_opaque_closure_from_code_info(jl_tupletype_t *argt, jl_value_t *rt_lb, jl_value_t *rt_ub,
     jl_module_t *mod, jl_code_info_t *ci, int lineno, jl_value_t *file, int nargs, int isva, jl_value_t *env, int do_compile)
 {
@@ -157,7 +150,7 @@ JL_DLLEXPORT jl_opaque_closure_t *jl_new_opaque_closure_from_code_info(jl_tuplet
 
     sigtype = jl_argtype_with_function(env, (jl_value_t*)argt);
     jl_method_instance_t *mi = jl_specializations_get_linfo((jl_method_t*)root, sigtype, jl_emptysvec);
-    inst = jl_new_codeinst(mi, rt_ub, NULL, (jl_value_t*)ci,
+    inst = jl_new_codeinst(mi, rt_ub, NULL, NULL, (jl_value_t*)ci,
         0, meth->primary_world, -1, 0, 0, jl_nothing, 0);
     jl_mi_cache_insert(mi, inst);
 
diff --git a/stdlib/REPL/src/REPLCompletions.jl b/stdlib/REPL/src/REPLCompletions.jl
index 2c2646636b53a..bf64a85dd2f8e 100644
--- a/stdlib/REPL/src/REPLCompletions.jl
+++ b/stdlib/REPL/src/REPLCompletions.jl
@@ -577,7 +577,7 @@ function CC.concrete_eval_eligible(interp::REPLInterpreter, @nospecialize(f),
                                    sv::CC.InferenceState)
     if (interp.limit_aggressive_inference ? is_repl_frame(sv) : is_call_graph_uncached(sv))
         neweffects = CC.Effects(result.effects; consistent=CC.ALWAYS_TRUE)
-        result = CC.MethodCallResult(result.rt, result.edgecycle, result.edgelimited,
+        result = CC.MethodCallResult(result.rt, result.exct, result.edgecycle, result.edgelimited,
                                      result.edge, neweffects)
     end
     ret = @invoke CC.concrete_eval_eligible(interp::CC.AbstractInterpreter, f::Any,
diff --git a/test/compiler/AbstractInterpreter.jl b/test/compiler/AbstractInterpreter.jl
index 083071b566da6..d9651ff3e57a9 100644
--- a/test/compiler/AbstractInterpreter.jl
+++ b/test/compiler/AbstractInterpreter.jl
@@ -330,7 +330,7 @@ function CC.abstract_call(interp::NoinlineInterpreter,
     ret = @invoke CC.abstract_call(interp::CC.AbstractInterpreter,
         arginfo::CC.ArgInfo, si::CC.StmtInfo, sv::CC.InferenceState, max_methods::Int)
     if sv.mod in noinline_modules(interp)
-        return CC.CallMeta(ret.rt, ret.effects, NoinlineCallInfo(ret.info))
+        return CC.CallMeta(ret.rt, ret.exct, ret.effects, NoinlineCallInfo(ret.info))
     end
     return ret
 end
diff --git a/test/compiler/EscapeAnalysis/EscapeAnalysis.jl b/test/compiler/EscapeAnalysis/EscapeAnalysis.jl
index fc2d6f774cd9d..1eb0201c8a3a6 100644
--- a/test/compiler/EscapeAnalysis/EscapeAnalysis.jl
+++ b/test/compiler/EscapeAnalysis/EscapeAnalysis.jl
@@ -70,7 +70,7 @@ function is_load_forwardable(x::EscapeInfo)
 end
 
 @testset "EAUtils" begin
-    @test_throws "everything has been constant folded" code_escapes() do; sin(42); end
+    @test code_escapes() do; sin(42); end isa EAUtils.EscapeResult
     @test code_escapes(sin, (Int,)) isa EAUtils.EscapeResult
     @test code_escapes(sin, (Int,)) isa EAUtils.EscapeResult
 end
@@ -201,6 +201,7 @@ end
     let # try/catch
         result = code_escapes((Any,)) do a
             try
+                Base.inferencebarrier(false) && error()
                 nothing
             catch err
                 return a # return escape
diff --git a/test/compiler/inference.jl b/test/compiler/inference.jl
index 861bbbbcec36d..a91edadeb8f2d 100644
--- a/test/compiler/inference.jl
+++ b/test/compiler/inference.jl
@@ -4406,8 +4406,8 @@ let x = Tuple{Int,Any}[
         #=21=# (0, Expr(:pop_exception, Core.SSAValue(2)))
         #=22=# (0, Core.ReturnNode(Core.SlotNumber(3)))
     ]
-    handler_at = Core.Compiler.compute_trycatch(last.(x), Core.Compiler.BitSet())
-    @test handler_at == first.(x)
+    handler_at, handlers = Core.Compiler.compute_trycatch(last.(x), Core.Compiler.BitSet())
+    @test map(x->x[1] == 0 ? 0 : handlers[x[1]].enter_idx, handler_at) == first.(x)
 end
 
 @test only(Base.return_types((Bool,)) do y
@@ -5379,3 +5379,28 @@ function test_exit_bottom(s)
     n
 end
 @test only(Base.return_types(test_exit_bottom, Tuple{String})) == Int
+
+function foo_typed_throw_error()
+    try
+        error()
+    catch e
+        if isa(e, ErrorException)
+            return 1.0
+        end
+    end
+    return 1
+end
+@test Base.return_types(foo_typed_throw_error) |> only === Float64
+
+will_throw_no_method(x::Int) = 1
+function foo_typed_throw_metherr()
+    try
+        will_throw_no_method(1.0)
+    catch e
+        if isa(e, MethodError)
+            return 1.0
+        end
+    end
+    return 1
+end
+@test Base.return_types(foo_typed_throw_metherr) |> only === Float64
diff --git a/test/precompile.jl b/test/precompile.jl
index 8fd8e0a110cbb..2f4873b17c706 100644
--- a/test/precompile.jl
+++ b/test/precompile.jl
@@ -1677,7 +1677,7 @@ precompile_test_harness("issue #46296") do load_path
         module CodeInstancePrecompile
 
         mi = first(Base.specializations(first(methods(identity))))
-        ci = Core.CodeInstance(mi, Any, nothing, nothing, zero(Int32), typemin(UInt),
+        ci = Core.CodeInstance(mi, Any, Any, nothing, nothing, zero(Int32), typemin(UInt),
                                typemax(UInt), zero(UInt32), zero(UInt32), nothing, 0x00)
 
         __init__() = @assert ci isa Core.CodeInstance