Illinois HB2368 amends the Illinois Estate and Generation-Skipping Transfer Tax Act, adjusting the estate tax rates and exemption amount for estates.
Illinois HB2368 modifies the Illinois Estate and Generation-Skipping Transfer Tax Act by setting new tax rates and exemption amounts for estates of decedents dying on or after January 1, 2026. The bill introduces a tiered tax rate system for the Illinois estate tax, ranging from 5% to 22%, based on the size of the decedent's Illinois taxable estate. The Illinois taxable estate is defined as the decedent's federal gross estate, adjusted by certain additions and deductions. The exemption amount for the estate tax is set at $4,000,000 for estates of decedents dying on or after January 1, 2026.
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