SB3847

SB3847 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to adjust the estate tax exclusion amount.

SB3847 amends the Illinois Estate and Generation-Skipping Transfer Tax Act to adjust the estate tax exclusion amount. For persons dying on or after January 1, 2027, the exclusion amount is set at $8,000,000. For persons dying on or after January 1, 2028, the exclusion amount will be adjusted according to the inflation adjustment. The bill also allows for a marital deduction for qualified terminable interest property under federal law. The changes apply to estates of individuals dying on or after January 1, 2027.