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IL HB5525
Bill
Status
Introduced
2/6/2026
Primary Sponsor
Dave Severin
Click for details
AI Summary
- Increases the Illinois estate tax exclusion amount from the current $4,000,000 to match the federal applicable exclusion amount under Internal Revenue Code Section 2010 for persons dying on or after January 1, 2027
- Allows surviving spouses to utilize any deceased spousal unused exclusion amount (portability) when a valid federal election is made
- Amends the Illinois Estate and Generation-Skipping Transfer Tax Act, Section 2 definitions
- Takes effect immediately upon becoming law
- Introduced by Rep. Dave Severin in the 104th General Assembly (2025-2026)
Legislative Description
ESTATE TAX-EXCLUSION AMOUNT
Last Action
Referred to Rules Committee
2/13/2026
Committee Referrals
Rules2/13/2026
Full Bill Text
No bill text available