Bill > HB0012

This bill amends the Illinois Estate and Generation-Skipping Transfer Tax Act to increase the estate tax exclusion amount from $4,000,000 to $6,000,000 for persons dying on or after January 1, 2026. The exclusion amount is a threshold that determines how much of an estate can be transferred without owing state estate taxes. Currently, estates valued at up to $4,000,000 are exempt from Illinois estate taxes for individuals who die between January 1, 2013 and December 31, 2025. Starting January 1, 2026, the bill raises this exemption amount to $6,000,000, which means larger estates can be transferred without triggering state estate tax liability. The bill becomes effective immediately, allowing for prompt implementation of the increased exclusion amount. This change provides potential tax relief for larger estates by allowing more wealth to be transferred to heirs without state taxation.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=12&GAID=18&DocTypeID=HB&SessionID=114&GA=104