IL SB2837

Amends the Illinois Estate and Generation-Skipping Transfer Tax Act to modify the state tax credit exclusion amount for persons dying on or after January 1, 2015.

For deaths on or after January 1, 2015, the exclusion amount shall be the applicable exclusion amount provided in Section 2010 of the Internal Revenue Code, including inflation adjustments and any deceased spousal unused exclusion amount if the spouse makes the appropriate federal election.

Maintains fixed exclusion amounts for prior death dates: $2,000,000 for deaths before January 1, 2012; $3,500,000 for deaths from January 1, 2012 to December 31, 2012; and $4,000,000 for deaths from January 1, 2013 to December 31, 2014.

Allows persons filing Illinois estate tax returns to make a separate qualified terminable interest property election for Illinois purposes, independent of any federal election.