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IL HB0016
Bill
Status
1/9/2025
Primary Sponsor
Chris Miller
Click for details
AI Summary
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Increases the Illinois estate tax exclusion amount from $4,000,000 to match the federal applicable exclusion amount under Section 2010 of the Internal Revenue Code for persons dying on or after January 1, 2026
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Allows surviving spouses to utilize any deceased spousal unused exclusion amount (portability) for Illinois estate tax purposes, mirroring federal estate tax rules
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The federal exclusion amount is currently approximately $13.61 million per individual (2024), though this is scheduled to decrease after 2025 under current federal law
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Amends the Illinois Estate and Generation-Skipping Transfer Tax Act, specifically Section 2 regarding definitions of "State tax credit"
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Takes effect immediately upon becoming law
Legislative Description
ESTATE TAX-EXCLUSION AMOUNT
Last Action
Rule 19(a) / Re-referred to Rules Committee
3/21/2025