Ask Terry Questions ILL Estate Tax

ILL Estate Tax

By Terry Savage on October 21, 2023 | Wild Card

In your session with WGN this morning you said this January the ILL estate tax exemption was changing from $4m to $8m. When I searched for that information all I found was bill HB5230 which shows it was tabled on 1/10/2023? Is there something I’m missing? Thanks for your help.

Terry Says

You are correct! That was a proposal that never passed.
Illinois has an estate tax on estates worth more than $4 million. Estate tax rates range from 0.8% to 16%. Although Illinois exempts estates up to $4 million from estate taxes, it taxes the entire amount of estates that are worth more than that.



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