Illinois HB0012 raises the estate tax exclusion amount from $4,000,000 to $6,000,000 for estates of individuals dying on or after January 1, 2026.
HB0012 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to increase the estate tax exclusion amount. Effective immediately, the exclusion amount will rise from $4,000,000 to $6,000,000 for estates of individuals dying on or after January 1, 2026. The bill also allows for a separate election for qualified terminable interest property under Section 2056(b)(7) of the Internal Revenue Code for Illinois estate tax purposes. This change impacts the taxable estate of individuals and trusts subject to Illinois estate tax.
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