Topic:
Illinois Estate Tax
(Hutchinson, D-Chicago Heights; Bradley, D-Marion) changes the State tax credit of the Illinois Estate and Generation-Skipping Transfer Tax Act to be $2 million for persons dying before Jan. 1, 2012; $3.5 million for persons dying on or after Jan. 1, 2012 but before Jan. 1, 2013; and $4 million for persons dying on or after Jan. 1, 2013. It has passed both chambers as part of the CME/Sears tax package, and Governor Quinn has indicated that he will sign it.