Bill > HB3118

This bill proposes to completely repeal the Illinois Estate and Generation-Skipping Transfer Tax for persons dying on or after the effective date of the amendment. Specifically, the bill modifies the existing Illinois Estate and Generation-Skipping Transfer Tax Act by adding a new provision that eliminates the state estate tax for transfers made after the bill's effective date. Currently, the state has an estate tax with various thresholds and calculation methods based on the value of transferred property and the date of the person's death. The bill would remove these existing tax calculations and provisions, effectively ending the state's estate tax. The legislation uses technical language referencing the Internal Revenue Code and defines various terms related to estate transfers, but the key impact is a complete elimination of the state estate tax for future deaths. This change would mean that estates of individuals dying after the bill's effective date would no longer be subject to Illinois state estate taxes, potentially providing significant financial relief for families and estates in Illinois.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3118&GAID=18&DocTypeID=HB&SessionID=114&GA=104