IL HB1940

Amends the Illinois Estate and Generation-Skipping Transfer Tax Act to change the exclusion amount for persons dying on or after January 1, 2022.

For deaths on or after January 1, 2022, 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 (instead of the fixed $4,000,000 amount that applied to deaths on or after January 1, 2013).

Allows the exclusion amount to vary based on federal law rather than remaining at a static $4,000,000 threshold.

Takes effect immediately upon becoming law.