IL HB3561

Amends the Illinois Estate and Generation-Skipping Transfer Tax Act to update 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, rather than the fixed $4,000,000 amount previously used.

Allows persons required to file Illinois estate tax returns to make a separate marital deduction election for qualified terminable interest property that is independent from any federal election for the same purpose.

Takes effect immediately upon becoming law.