Illinois HB1733 adjusts the estate tax exclusion amount for decedents.
HB1733 modifies the Illinois Estate and Generation-Skipping Transfer Tax Act to change the estate tax exclusion amount. For individuals dying between January 1, 2026, and January 1, 2028, the exclusion amount will be the greater of the applicable exclusion amount calculated under the Internal Revenue Code or the amount that would have been calculated if the decedent had died in calendar year 2027. This change aims to align the state's estate tax exclusion with federal provisions.
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