(WTVO) — Illinois lawmakers are considering a change to an obscure tax.
The “Estate Tax” kicks in when a resident gets an inheritance of more than $4 million. There are family farms across Illinois that fall into that category, but they sometimes cannot pay it without selling assets when it is due.
That is because most of the money from farms either goes into the land or into the crops.
Governor JB Pritzker did not say whether or not he would support raising the threshold to $12 million.
“It’ll 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 in the state of Illinois, all of which I’ll take into consideration,” Pritzker said.
“When you can’t give that to your kids, that’s a huge, huge difference,” added State Senator Sally Turner. “So, I think we need to pay attention to that, and I appreciate Governor taking a look at it.”
Setting the threshold at $12 million would match the federal limit.