IL HB1459

Amends the Illinois Estate and Generation-Skipping Transfer Tax Act to change the exclusion amount for persons dying on or after January 1, 2024.

For deaths on or after January 1, 2024, the exclusion amount shall equal 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 and before January 1, 2024.

The change allows Illinois estate tax exclusion amounts to track federal exclusion amounts, which adjust annually for inflation.

Takes effect immediately upon becoming law.