HB2677 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to adjust the estate tax exemption and modify the calculation of the.
HB2677 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to adjust the estate tax exemption annually based on the Consumer Price Index. It modifies the calculation of the deceased spousal unused exemption amount for estates. The bill also defines terms such as "Federal estate tax," "Federal generation-skipping transfer tax," and "State tax credit." It specifies the tax situs and valuation rules for the Illinois estate tax and Illinois generation-skipping transfer tax.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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