Illinois Raises Estate Tax Exemption Amount

For deaths in 2012, the Illinois estate tax exemption is $3.5 million, meaning that estates with a gross value under this amount do not have to file an Illinois estate tax return. For deaths in 2013, the exampt amount is $4 million.

The Illinois legislature changed the state law unexpectedly at the end of 2011, raising the exempt amount from the $2 million figure that was in effect for 2011 estates.