HB4736

Illinois HB4736 amends estate tax provisions, including exemption amounts and special use valuation for qualified farm property.

Illinois HB4736 amends the Illinois Estate and Generation-Skipping Transfer Tax Act. It adjusts the exemption amount for estates qualifying under certain conditions, increasing it to $6,000,000 for estates of persons dying on or after January 1, 2027, and before January 1, 2028. The exemption amount is then adjusted annually based on the Consumer Price Index. The bill also modifies the definition of "qualified heir" to include lineal descendants of a grandparent of the decedent or the spouse of such a descendant.