IL SB1742

Amends the Illinois Estate and Generation-Skipping Transfer Tax Act to modify the exclusion amount used to calculate state tax credits for estate tax purposes.

For persons dying on or after January 1, 2020, the exclusion amount shall be the applicable exclusion amount under Section 2010 of the Internal Revenue Code, rather than a fixed dollar amount.

Maintains prior exclusion amounts of $2,000,000 (before January 1, 2012), $3,500,000 (January 1, 2012 through December 31, 2012), and $4,000,000 (January 1, 2013 through December 31, 2019) for estates in those respective periods.

Takes effect immediately upon becoming law.