IL HB4998

Repeals Illinois estate tax and generation-skipping transfer tax for persons dying or making transfers on or after the effective date of this amendatory act.

Maintains existing tax obligations for persons dying before the effective date, with state tax credits calculated based on exclusion amounts and property tax situs within Illinois.

Allows marital deduction elections for qualified terminable interest property that are independent of federal elections for estates subject to the tax.

Takes effect immediately upon becoming law.