Illinois HB4772 aligns the state's estate tax exclusion with the federal exclusion amount.
Illinois HB4772 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to adjust the state's estate tax exclusion to match the federal exclusion amount. Specifically, for individuals dying on or after January 1, 2027, the exclusion amount for the Illinois estate tax will be the same as the applicable exclusion amount under Section 2010 of the Internal Revenue Code. This change ensures consistency between state and federal estate tax laws.
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