Plain English Breakdown
The official status indicates the bill passed both chambers, but the metadata notes a re-referral to the Rules Committee on March 21, 2025. The 'Effective immediately' clause in the text may be subject to final enrollment or gubernatorial action not detailed in this excerpt.
HB0012: Increasing the Illinois Estate Tax Exclusion Amount
This bill changes state law to increase the amount of money a person can leave behind without paying an Illinois estate tax from $4 million to $6 million for deaths occurring on or after January 1, 2026.
What This Bill Does
- Amends Section 2 of the Illinois Estate and Generation-Skipping Transfer Tax Act (35 ILCS 405/2).
- Increases the state exclusion amount from $4,000,000 to $6,000,000 for persons dying on or after January 1, 2026.
- Updates the list of historical exclusion amounts in the statute to include this new threshold.
Who It Names or Affects
- Individuals who die on or after January 1, 2026 and leave an estate subject to Illinois tax.
- Executors filing returns for persons dying in 2026 or later.
Terms To Know
- Exclusion amount
- The value of an estate below which no state estate tax is owed, as defined by the State Tax Credit calculation rules.
- Illinois Estate Tax
- A tax due to the State of Illinois with respect to a taxable transfer when a person dies.
Limits and Unknowns
- The official text states 'Effective immediately,' but does not specify if this means upon passage or requires further executive action.
- The provided excerpt is truncated and does not show the full definition of transferred property for generation-skipping transfers.