IL SB2970

Increases the Illinois estate tax exemption from $4,000,000 to $6,000,000 for estates containing qualified farm property, with annual adjustments for inflation based on the Consumer Price Index starting January 1, 2028

Creates a special use valuation for qualified farm property that removes federal limitations on fair market value reductions under Internal Revenue Code Section 2032A

Expands the definition of "qualified heir" to include any lineal descendant of a grandparent of the decedent, their spouses, and legally adopted persons within those family lines

Establishes provisions for surviving spouses to claim a deceased spousal unused exemption amount, indexed for inflation, if the last deceased spouse died on or after January 1, 2027

Effective January 1, 2027