SB 2038

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."