McLean County Farm Bureau

BILL WOULD RETURN ILLINOIS’ ESTATE TAX TRIGGER TO FEDERAL THRESHOLD

An Illinois lawmaker wants to realign Illinois’ tax on inheritance to federal thresholds, something long sought by family farmers. Currently, Illinois imposes an estate tax, sometimes called a “death tax,” of up to 16 percent. Combined with a top federal rate of 40 percent, some heirs face a tax of up to 56 percent, but the federal estate tax kicks in at just under $12 million while Illinois’ estate tax applies to any inherited value above $4 million. (The Center Square)