How HB 2594 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill changes the Illinois estate tax exclusion amount to align with the federal applicable exclusion amount for deaths occurring on or after January 1, 2024.

• 35 ILCS 405/2

  the exclusion amount of only (i) $2,000,000 for persons dying prior to January 1, 2012, (ii) $3,500,000 for persons dying on or after January 1, 2012 and prior to January 1, 2013, and (iii) $4,000,000 for persons dying on or after January 1, 2013 and prior to January 1, 2024, and (iv) → the applicable exclusion amount calculated under Section 2010 of the Internal Revenue Code, including any deceased spousal unused exclusion amount

  The exclusion amount for the Illinois estate tax will now be based on federal law, allowing for potentially higher exclusions.