SB0139 adjusts the exclusion amount for Illinois estate tax, aligning it with federal tax code changes.
SB0139 modifies the Illinois Estate and Generation-Skipping Transfer Tax Act by altering the exclusion amount for estate tax. For individuals dying on or after January 1, 2026, the exclusion amount will be based on the applicable federal exclusion amount under Section 2010 of the Internal Revenue Code. This change aims to synchronize the state's estate tax exclusion with federal tax code provisions, ensuring consistency and compliance.
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