Illinois HB4202 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to increase the exclusion amount for estate tax purposes.
HB4202 amends the Illinois Estate and Generation-Skipping Transfer Tax Act by increasing the exclusion amount for estate tax purposes. Specifically, the exclusion amount will rise from $4,000,000 to $12,060,000 for individuals who die on or after January 1, 2027. This change affects the calculation of the Illinois estate tax, which is due to the state with respect to a taxable transfer.
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