HB4115 Summary

• Amends the Illinois Estate and Generation-Skipping Transfer Tax Act to modify the exclusion amount for estate tax purposes effective January 1, 2024.

• Sets the exclusion amount for persons dying on or after January 1, 2024 at the greater of $12,900,000 or the applicable exclusion amount calculated under Section 2010 of the Internal Revenue Code.

• Includes any deceased spousal unused exclusion amount available after a valid election is made under the Internal Revenue Code in the applicable exclusion amount for Illinois estate tax purposes.

• Maintains previous exclusion amounts for earlier time periods: $2,000,000 (prior to January 1, 2012), $3,500,000 (January 1, 2012 through December 31, 2012), and $4,000,000 (January 1, 2013 through December 31, 2023).

• Takes effect immediately upon becoming law.