IL HB5297

Amends the Illinois Estate and Generation-Skipping Transfer Tax Act to allow surviving spouses to use the unused exclusion amount of a predeceased spouse for deaths occurring on or after January 1, 2012.

Increases the exclusion amount for Illinois estate tax purposes to $3,500,000 for persons dying on or after January 1, 2012 and prior to January 1, 2013, and to $4,000,000 for persons dying on or after January 1, 2013 (previously $2,000,000).

Permits portability of the federal estate tax exclusion between spouses, allowing a surviving spouse to benefit from the unused portion of their predeceased spouse's exclusion amount.

Takes effect immediately upon becoming law.