SB2970

SB2970 amends the Illinois Estate and Generation-Skipping Transfer Tax Act, adjusting estate tax exemptions and special use valuations for qualified.

SB2970 modifies the Illinois Estate and Generation-Skipping Transfer Tax Act by increasing the estate tax exemption amount for estates qualifying under specific subsections. It also adjusts the deceased spousal unused exemption amount, which is indexed annually based on the Consumer Price Index. The bill introduces a special use valuation for qualified farm property, allowing the gross value of such property to be calculated differently for estate tax purposes. These changes are effective for estates of individuals who die on or after January 1, 2027.