Loading chat...
IL HB4772
Bill
Status
Introduced
2/2/2026
Primary Sponsor
Jay Hoffman
Click for details
AI Summary
- Amends the Illinois Estate and Generation-Skipping Transfer Tax Act to align the state estate tax exclusion amount with the federal exclusion amount for persons dying on or after January 1, 2027
- Currently, Illinois uses a $4 million estate tax exclusion; this bill would change it to match the federal applicable exclusion amount under Internal Revenue Code Section 2010 (approximately $13.61 million in 2024, adjusted annually for inflation)
- Allows Illinois to recognize the deceased spousal unused exclusion amount (portability) when a valid federal election is made, enabling surviving spouses to use their deceased spouse's unused exclusion
- Historical exclusion amounts remain unchanged: $2 million (before 2012), $3.5 million (2012), $4 million (2013-2026)
- Takes effect immediately upon becoming law
Legislative Description
ESTATE TAX-FEDERAL EXCLUSION
Last Action
Rule 19(a) / Re-referred to Rules Committee
3/27/2026
Committee Referrals
Rules3/27/2026
Revenue & Finance3/18/2026
Rules2/6/2026
Full Bill Text
No bill text available