state_legiscan_drain · IL
ESTATE TAX-SPECIAL USE
January 27, 2026
Summary
If enacted, this bill would increase the Illinois estate tax exemption for qualified farm property from $4 million to $6 million, adjusted annually for inflation. It would also allow a special use valuation for farm property without certain Internal Revenue Code limitations and modify the definition of 'qualified heir' and the spousal unused exclusion calculation. These changes would reduce estate tax burdens for farm estates in Illinois.
Source: https://www.ilga.gov/Legislation/BillStatus?DocNum=2970&GAID=18&DocTypeID=SB&SessionID=114&GA=104
Common questions
- What does "ESTATE TAX-SPECIAL USE" cover?
- If enacted, this bill would increase the Illinois estate tax exemption for qualified farm property from $4 million to $6 million, adjusted annually for…
- When was it published?
- It was published on January 27, 2026.