IL HB4600

Amends the Illinois Estate and Generation-Skipping Transfer Tax Act to increase the estate tax exemption for estates containing qualified farm property from $4,000,000 to $6,000,000, effective upon passage.

Exemption amount is adjusted annually beginning January 1, 2025, based on the Consumer Price Index for the 12 months ending in September of the preceding year, rounded to the nearest dollar.

Exemption is deducted from net estate value after calculation and does not reduce estate value below zero; applies regardless of whether special use valuation election is made.

Allows calculation of deceased spousal unused exclusion amount for qualifying estates with special use valuation property; surviving spouse must file or amend Illinois return with election within prescribed time limits.

Expands definition of "qualified heir" for special use valuation purposes to include decedent's brother, sister, uncle, aunt, niece, nephew, and first cousin in addition to existing family members under federal law.