ESTATE TAX-COMPUTATION Senate SponsorsSen. Celina Villanueva and Rachel Ventura 2/6/2025SenateReferred to Assignments 35 ILCS 405/2from Ch. 120, par. 405A-235 ILCS 405/3from Ch. 120, par. 405A-335 ILCS 405/4from Ch. 120, par. 405A-4Amends 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. 2/6/2025SenateFiled with Secretary by Sen. Celina Villanueva 2/6/2025SenateFirst Reading 2/6/2025SenateReferred to Assignments 4/30/2025SenateAdded as Co-Sponsor Sen. Rachel Ventura