HB2594 Summary

• 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 becomes the applicable exclusion amount calculated under Section 2010 of the Internal Revenue Code, including any deceased spousal unused exclusion amount (replacing the fixed $4,000,000 amount previously in effect).

• Effective immediately upon becoming law.