Illinois HB4816 modifies the estate tax by excluding business interests in manufacturing businesses from the taxable estate for decedents after.
Illinois HB4816 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to redefine the state tax credit for estate tax purposes. Specifically, it excludes business interests in manufacturing businesses from the taxable estate for individuals who die on or after January 1, 2027. The bill also provides definitions for terms such as "manufacturing business," "qualified heir," and "resident trust." The changes are effective immediately upon becoming law.
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