Bill > SB1828

This bill proposes to completely repeal the Illinois Estate and Generation-Skipping Transfer Tax for persons dying or for transfers occurring on or after the effective date of the bill. Specifically, the bill amends existing law to eliminate the state estate tax and generation-skipping transfer tax, which previously imposed taxes on transferred property with a tax situs in Illinois. Under the current law, the state had been calculating estate taxes based on a state tax credit system that referenced federal tax codes and varied depending on the year of death and the value of the estate. The bill removes all provisions for calculating and imposing these taxes, effectively ending Illinois' state-level estate and generation-skipping transfer taxes. This means that for deaths and transfers occurring after the bill's effective date, no Illinois estate tax will be imposed, which could potentially provide significant tax relief for estates and beneficiaries in the state.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1828&GAID=18&DocTypeID=SB&SessionID=114&GA=104