SB2038 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to adjust estate and generation-skipping transfer tax rates and exemptions.
SB2038 modifies the Illinois Estate and Generation-Skipping Transfer Tax Act by setting new tax rates and exemption amounts for estate and generation-skipping transfer taxes. For estates of individuals dying on or after January 1, 2026, the tax rate varies based on the size of the taxable estate, ranging from 5% to 22%. The exemption amount for these estates is set at $4,000,000. For taxable transfers occurring on or after January 1, 2026, the tax is calculated by multiplying the taxable estate by the applicable tax rate.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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