Illinois HB2865 phases out the estate and generation-skipping transfer taxes by 2030.
HB2865 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to gradually reduce the estate tax by 20% each year from 2026 to 2029, culminating in a complete repeal for estates of persons dying on or after January 1, 2030. Similarly, the generation-skipping transfer tax is reduced by 20% annually from 2026 to 2029, also ending for transfers occurring on or after January 1, 2030. The Act takes effect immediately upon becoming law.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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