Illinois HB5525 aligns the state's estate tax exclusion amount with the federal exclusion amount.
Illinois HB5525 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to adjust the exclusion amount for estate tax purposes. Effective for individuals dying on or after January 1, 2027, the exclusion amount will be calculated under Section 2010 of the Internal Revenue Code, including any unused spousal exclusion amount. This change aligns the state's estate tax exclusion with the federal exclusion, ensuring consistency between state and federal tax laws.
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