SB1533 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 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

• Replaces the previous fixed exclusion amount of $4,000,000 with a formula that tracks the federal exclusion amount and allows portability of unused exclusions between spouses

• Takes effect immediately upon becoming law