Proposed Illinois Legislation Seeks to Overhaul Estate Tax System 98

 in News  tagged Proposed Illinois Legislation Seeks to Overhaul Estate Tax System by (updated 324 days ago)

Illinois lawmakers are considering significant changes to the state’s estate and generation-skipping transfer (GST) taxes. A recently introduced bill, H.B. 2368, proposes a new graduated rate structure and clarifies the calculation of these taxes.

Currently, Illinois’ estate and GST taxes are administered by the attorney general’s office and levied at graduated rates that aren’t explicitly defined in the state tax code. H.B. 2368 aims to codify these rates and provide a clear framework for calculating the tax.

Sponsored by Rep. Margaret Croke (D), chair of the House Financial Institutions and Licensing Committee, the bill proposes the following estate tax rates, applied to the decedent’s Illinois taxable estate:

  • 5% on taxable estates under $6 million
  • 10% on taxable estates between $6 million and $16 million
  • 16% on taxable estates between $16 million and $21 million
  • 22% on taxable estates over $21 million

The “taxable estate” would be defined as the decedent’s federal gross estate, less the state’s existing $4 million exclusion threshold (referred to as an exemption in the bill), and adjusted for other state and federal provisions. The GST tax rates would mirror the proposed estate tax rates and would be applied to the transferred amount exceeding the $4 million exemption.

Rep. Croke stated that the estate tax system requires reform and that H.B. 2368 initiates a crucial discussion on necessary changes. She anticipates further dialogue on improving how estates are taxed in Illinois.

The proposed changes would take effect on January 1, 2026.

This legislation follows previous attempts by Illinois lawmakers to either increase the estate tax exclusion to the maximum federal level or completely abolish the estate tax.

Scott Brillhart, partner and director of tax at Founder’s CPA, commented that while H.B. 2368 could lessen the tax burden on smaller estates and generate more revenue, the increased taxes on wealthier individuals might incentivize them to leave Illinois, potentially decreasing the overall tax base and revenue.

Brillhart emphasized the delicate balance between progressive taxation to address wealth inequality and avoiding the alienation of wealthy individuals whose estates are subject to taxation. He also noted that the proposed changes to the estate tax rate system could simplify the process of preparing Illinois estate tax returns from an administrative perspective.

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