IL HB2993

Amends the Illinois Estate and Generation-Skipping Transfer Tax Act by increasing the exclusion amount for the state tax credit.

Raises the exclusion amount from $4,000,000 to $12,060,000 for persons dying on or after January 1, 2024.

Maintains lower exclusion amounts for prior years: $2,000,000 (before January 1, 2012), $3,500,000 (January 1, 2012 to December 31, 2012), and $4,000,000 (January 1, 2013 to December 31, 2023).

Takes effect immediately upon becoming law.