Illinois HB 2368: ESTATE TAX-COMPUTATION

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB2368

Introduced 2/4/2025, by Rep. Margaret Croke 

SYNOPSIS AS INTRODUCED:

35 ILCS 405/2 from Ch. 120, par. 405A-2

35 ILCS 405/3 from Ch. 120, par. 405A-3

35 ILCS 405/4 from Ch. 120, par. 405A-4

 Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Provides that, for persons dying on or after January 1, 2026, the amount of the Illinois estate tax shall be the amount of the Illinois taxable estate, multiplied by the Illinois estate tax rate. Sets forth the estate tax rate. Provides that the "Illinois taxable estate" means the decedent's federal gross estate, subject to certain modifications, including a deduction in the amount of $4,000,000. Makes conforming changes with respect to the generation-skipping transfer tax. Effective immediately.

LRB104 03009 HLH 13027 b

A BILL FOR

HB2368LRB104 03009 HLH 13027 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Estate and Generation-Skipping 

5Transfer Tax Act is amended by changing Sections 2, 3, and 4 as 

6follows:

7 (35 ILCS 405/2) (from Ch. 120, par. 405A-2)

8 Sec. 2. Definitions. 

9 "Exemption amount" means, for persons dying on or after 

10January 1, 2026 and for taxable transfers occurring on or 

11after January 1, 2026, $4,000,000. 

12 "Federal estate tax" means the tax due to the United 

13States with respect to a taxable transfer under Chapter 11 of 

14the Internal Revenue Code.

15 "Federal generation-skipping transfer tax" means the tax 

16due to the United States with respect to a taxable transfer 

17under Chapter 13 of the Internal Revenue Code.

18 "Federal return" means the fed