HB5082 Summary

• Amends the Illinois Estate and Generation-Skipping Transfer Tax Act by modifying Section 2 to eliminate the state estate tax for persons dying after December 31, 2010.

• Removes language that previously extended the estate tax to persons dying after December 31, 2010, replacing it with a provision that no tax shall be imposed under the Act for such deaths.

• Adjusts the "state tax credit" definition for persons dying after December 31, 2005 and on or before December 31, 2009 to recognize exclusion amounts of $2,000,000 (prior to January 1, 2012), $3,500,000 (January 1, 2012 to December 31, 2012), and $4,000,000 (January 1, 2013 and thereafter).

• Takes effect upon becoming law and maintains existing provisions regarding qualified terminable interest property elections and trust definitions.