Illinois HB2601 increases the estate tax exclusion amount to $8,000,000 for estates of individuals dying on or after January 1, 2026.
HB2601 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to increase the exclusion amount for estate tax purposes. The exclusion amount rises to $8,000,000 for estates of individuals dying on or after January 1, 2026, up from the current $4,000,000. The bill also defines terms such as "qualified heir," "resident trust," and "transferred property" in line with the Internal Revenue Code. This change aims to align the state's estate tax exclusion with federal standards, potentially reducing the tax burden on estates of deceased individuals.
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