IL HB0238

Amends the Illinois Estate and Generation-Skipping Transfer Tax Act to change the exclusion amount for persons dying on or after January 1, 2020.

For deaths on or after January 1, 2020, the exclusion amount shall be the applicable exclusion amount calculated under Section 2010 of the Internal Revenue Code, including any deceased spousal unused exclusion amount (previously capped at $4,000,000).

Allows persons to elect a marital deduction for qualified terminable interest property on Illinois estate tax returns separately and independently from federal estate tax elections.

Requires trustees of qualified terminable interest property trusts to not retain non-income producing assets for more than a reasonable time without consent of the surviving spouse.

Takes effect immediately upon becoming law.