HB5230 Summary

• Increases the Illinois estate and generation-skipping transfer tax exclusion amount from $4,000,000 to $8,000,000 for persons dying on or after January 1, 2023.

• Amends Section 2 of the Illinois Estate and Generation-Skipping Transfer Tax Act (35 ILCS 405/2) to recognize the new $8,000,000 exclusion amount in the "state tax credit" definition.

• Maintains the previous exclusion amounts for earlier death dates: $2,000,000 for deaths prior to January 1, 2012; $3,500,000 for deaths January 1, 2012 through December 31, 2012; and $4,000,000 for deaths January 1, 2013 through December 31, 2022.

• Takes effect immediately upon becoming law.