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IL HB1457

Bill

Official Source

Status

Introduced

1/21/2025

Primary Sponsor

Norine Hammond

Click for details

Origin

House of Representatives

104th General Assembly

AI Summary

  • Increases the Illinois estate tax exclusion amount from $4,000,000 to $12,060,000 for persons dying on or after January 1, 2026

  • Amends the Illinois Estate and Generation-Skipping Transfer Tax Act by modifying the definition of "State tax credit" to include the new higher exclusion threshold

  • Aligns the Illinois estate tax exclusion more closely with the current federal estate tax exemption level of approximately $12 million

  • Takes effect immediately upon becoming law

Legislative Description

ESTATE TAX-EXCLUSION AMT

Last Action

Added Co-Sponsor Rep. Brandun Schweizer

7/15/2025

Committee Referrals

Rules3/21/2025
Tax Policy: Other Taxes3/3/2025
Revenue & Finance2/18/2025
Rules1/28/2025

Full Bill Text

No bill text available