ESTATE TAX-SPECIAL USE

Summary

The bill amends the Illinois Estate and Generation‑Skipping Transfer Tax Act to give estates that include qualified farm land a $6 million exemption when calculating the State Death Tax Credit, instead of the current $4 million exclusion. The exemption is indexed to the Consumer Price Index each year and includes special valuation rules for the farm property. It also updates how the deceased spouse’s unused exemption is calculated and revises the definition of a qualified heir.

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