Pritzker expects Illinois’ estate tax to be addressed by legislature

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Illinois Gov. J.B. Pritzker speaks at the Thompson Center in Chicago during the daily update on the state’s response to the coronavirus pandemic, Monday, March 30, 2020. (Ashlee Rezin Garcia/Chicago Sun-Times via AP) Ashlee Rezin Garcia/AP

Pritzker expects Illinois’ estate tax to be addressed by legislature

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(The Center Square) – Illinois lawmakers are expected to address a measure that would change the state’s estate tax value from $4 million up to $12 million, according to Gov. J.B. Pritzker.

The state’s estate tax kicks in when someone inherits a property or assets valued at $4 million or more, requiring the inheritance to pay a tax on the assets.

According to state data, the Attorney General’s office collected more than $456 million in estate tax revenues for the fiscal year 2022.

A measure by state Sen. Dave Koehler, D-Peoria, would raise the limit from $4 million to $12 million, reducing the impact on some taxpayers.

Pritzker on Tuesday addressed the proposed change.

“That is something that will be considered in the next upcoming session, no doubt about it,” Pritzker said. “It will be important to consider around that, what the effect on the state budget would be, what the effect on families would be, is that the right threshold to have for the estate tax for the state of Illinois? All of which I will take into consideration.”

Lawmakers return for fall veto session in late October.

State Rep. Chris Miller, R-Charleston, told The Center Square that the tax should be eliminated altogether.

“The first option would be to abolish the estate tax. We pay taxes our whole life while we are living, and the first thing that happens when you die is they want to tax your cold, dead body,” Miller said.

Miller said the state is taking advantage of the taxpayers with the estate tax.

“It’s one of the continued abuses of hardworking middle-class working families that have worked their whole lives to gain something,” Miller said.

Pritzker said lawmakers will discuss the change and figure out what works for Illinoisans. Miller said he does not trust those words.

“There have been very little pro-business and pro-family legislation to make life better for working-class citizens in Illinois,” Miller said. “There is a reason why Ronald Reagan made the comment that the most terrifying words in the English language are ‘I am from the government and I am here to help you.'”

The estate tax affects farmers throughout the state as many keep their land in their families after death.

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