ESTATE TAX-EXCLUSION AMOUNT

Summary

The bill amends the Illinois Estate and Generation‑Skipping Transfer Tax Act so that, for people who die on or after Jan. 1 2027, the state estate‑tax exclusion equals the federal exclusion amount calculated under IRC §2010 as it exists on the amendment’s effective date, including inflation adjustments and any unused spousal exemption. This replaces the current $4 million exemption and takes effect immediately.

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