Illinois HB1457 increases the estate tax exclusion amount to $12,060,000 for persons dying on or after January 1, 2026.
Illinois HB1457 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to increase the estate tax exclusion amount. The exclusion amount will rise from $4,000,000 to $12,060,000 for individuals who pass away on or after January 1, 2026. The bill also allows for a separate marital deduction for qualified terminable interest property under federal law. The changes are effective immediately upon becoming law.
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