SB3787

SB3787 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to adjust the exclusion amount for estate tax purposes.

SB3787 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to adjust the exclusion amount for estate tax purposes. For individuals dying on or after January 1, 2027, the exclusion amount will be calculated based on Section 2010 of the Internal Revenue Code as it exists on the effective date of the amendatory Act. The bill also allows for a separate marital deduction election for qualified terminable interest property under Section 2056(b)(7) of the Internal Revenue Code for Illinois estate tax purposes.