Illinois HB1731 modifies the calculation of the State Death Tax Credit for estate tax purposes.
Illinois HB1731 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to change how the State Death Tax Credit is calculated for estate tax purposes. Specifically, for estates of individuals dying on or after January 1, 2026, the credit will be calculated only on the portion of the decedent's adjusted taxable estate that exceeds the exclusion amount. The bill also adjusts the exclusion amount annually based on the Consumer Price Index. This change aims to align the state's estate tax credit more closely with federal tax laws and inflation adjustments.
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