Illinois HB0016 amends the estate tax exclusion amount for persons dying on or after January 1, 2026.
Illinois HB0016 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to adjust the estate tax exclusion amount. For individuals dying on or after January 1, 2026, the exclusion amount will be the applicable exclusion amount calculated under Section 2010 of the Internal Revenue Code, including any deceased spousal unused exclusion amount. This change updates the exclusion amount from the current $4,000,000 to align with federal tax code provisions. The bill takes effect immediately upon becoming law.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.