IL HB0820

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, the exclusion amount for Illinois estate tax purposes was fixed at $4,000,000 for persons dying on or after January 1, 2013 and prior to January 1, 2020.

This change aligns Illinois estate tax exclusion amounts with federal exclusion amounts, which are adjusted annually for inflation.

Takes effect immediately upon becoming law.