IL SB1563

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 Illinois exclusion amount was fixed at $4,000,000 for persons dying on or after January 1, 2013.

The bill allows Illinois to track changes in the federal exclusion amount rather than maintaining a fixed state amount.

Takes effect immediately upon becoming law.