HB2582 Summary

• 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.

• Previously, the exclusion amount was fixed at $4,000,000 for persons dying on or after January 1, 2013; this change allows the exclusion to track the federal applicable exclusion amount.

• Takes effect immediately upon becoming law.